Asiana Airlines 3Q Sales 1.725 Trillion KRW... Up 13% YoY

Operating Profit of 126.7 Billion KRW, Down 44.8% Year-on-Year

Asiana Airlines announced its third-quarter results on the 14th, reporting sales of 1.725 trillion KRW, operating profit of 126.7 billion KRW, and net loss of 31.2 billion KRW.

Sales increased by 13.1% year-on-year due to a significant rise in international passenger demand and supply following the transition to the COVID-19 endemic phase. Operating profit decreased by 44.8% year-on-year due to increased operating expenses from expanded aircraft operations driven by the recovery of international flight supply and a decline in cargo business profitability. However, it rose by 16.3% compared to the previous quarter (108.9 billion KRW) due to the peak passenger season. Net loss narrowed compared to the same period last year (-172.3 billion KRW) due to the depreciation of the KRW against the USD.

In relation to the merger of Korean Air and Asiana Airlines, discussions on the sale of Asiana Airlines' cargo business are scheduled at the board meeting on the 2nd. An Asiana Airlines aircraft is taking off at Gimpo Airport in Gangseo-gu, Seoul. Photo by Jinhyung Kang aymsdream@

By business segment, passenger business sales recorded 1.2093 trillion KRW, a 63% increase compared to the same period last year. The company flexibly responded to the growing demand for overseas travel by increasing flights on Europe, Japan, and Southeast Asia routes and expanding the operation of medium- and large-sized aircraft. In the cargo business, sales decreased by 47.7% year-on-year to 355.7 billion KRW. As international passenger flights increased, cargo supply through these flights also rose, intensifying market competition. The company analyzed that the global economic slowdown continued to reduce air cargo demand.