Cargo helps Korean Air swing to W125b Q1 operating profit

Strong cargo demand propelled Korean Air to an operating profit of W125b ($110m) in its Q1 results, compared with an operating loss of W65.7b a year earlier. Revenue for the three months ended 31 March fell 24% to W1.75t, owing to the drop in passenger demand during the coronavirus pandemic. The airline was also able to narrow its net loss to W28.8b, compared to a net loss of W692m a year earlier. Korean notes that cargo sales in Q1 "more than doubled” year on year to W1.35t. “Despite decreased passenger flight belly capacity because of the pandemic, Korean Air maximised cargo operations by fully utilising its 23 freighters, operating cargo-only passenger flights and converting passenger jets into freighters,” it says. “Also, as vaccination progresses, expectations on global economic recovery grow, which helps increase air cargo demand.”<br/>