Asiana swings back to profitability in Q3

Asiana Airlines swung back into the black in its Q3 earnings, helped by an uptick in cargo revenue and a steep reduction in costs. For the quarter ended 30 September, the carrier eked out an operating profit of W5.8b ($5.2m), reversing the W45.1b loss it made during the same period last year. Revenue fell 53% year on year to W731b, led mainly by a collapse in passenger travel demand, which plummeted 83% year on year. Broken down by network, international passenger revenue saw a sharp 87% plunge year on year to W122b, while domestic passenger revenue fell 42% to W50.3b. However, any further decline was offset by a 54% increase in cargo revenue to W485b for the quarter. Expenses declined 55% year on year to W725b, which Asiana notes stemmed from reduced flying activity. The carrier also swung back to a net profit of W2.3b for the quarter, reversing last year’s net loss of W170b.<br/>