Asiana narrows operating profit, swings to net loss on foreign exchange losses

Significant foreign exchange losses, as well as other one-time costs, plunged Asiana Airlines to a net loss, with the airline narrowing its operating profit for the third quarter. In financial results for the three months to 30 September, the Star Alliance carrier swung to a net loss of W386b ($326m). This compares to the W9.4b net profit it made in the same quarter last year. The airline took a hefty charge on foreign exchange losses — to the tune of some W208b, compared to the W112b exchange gain it made last year. At the operating level, Asiana, which is being acquired by Korean Air, was W6.3bi in the black, about 60% lower year on year. Revenue for the quarter rose 32% to W1.07t, led by revenue increases in international passenger and freighter services. The carrier saw international passenger revenue inch up 6% year on year, while international freight revenue leapt 56%. On the domestic front, passenger revenues fell 11%, with cargo falling 31%.<br/>