Korean Air posted a first-quarter net loss of KRW526 billion ($413 million), widened 61% from a net loss of KRW326 billion in the year-ago period, marking its sixth consecutive quarter in the red, ATW Daily News reported.
Chairman and CEO Yang Ho Cho said the "deepening global economic crisis (in addition to) the weakening Korean won sliding travel and cargo demand" had a "direct impact" on KE's bottom line.
Revenue was flat at KWR2.26 trillion while expenses rose 0.6%, leading to a 66% drop in operating profit to KWR6.6 billion. International passenger yield increased 11.6% year-over-year to KRW97.3 while domestic passenger yield lifted 11.1% to KRW181.5.
The largest international cargo carrier among combination airlines, KE was particularly hurt by the weak cargo market. It said its cargo demand fell 19.1% in the period on a 13.6% drop in capacity to 2.71 billion ATKs, driving down cargo yield 1.7%.