• Korean Air reported a first quarter revenue of KRW 3.8225 trillion (USD 2.8382 billion), an increase of 20% year-on-year, driven by the strong recovery in passenger traffic and robust cargo demand. Operating profit increased 5% year-on-year to KRW 436.1 billion (USD 323.8 million) despite higher fuel costs, airport and facility charges and labor-related costs.
• Passenger business revenue increased 32% year-on-year to KRW 2.3421 trillion in the first quarter. The airline’s network capacity has almost recovered to pre-pandemic 2019 levels, with the exception of China. Profitability improved through timely capacity expansion on Southeast Asia and Japan routes, catering to the strong tourism demand.
• Cargo business revenue in the first quarter declined slightly year-on-year to KRW 996.6 billion as the global air cargo market continues to stabilize.
• In Q2 2024, the airline’s passenger business will prioritize route profitability amidst the expansion of global capacity and intensified competition. The cargo business will capitalize on the growing e-commerce demand from China by strengthening client partnerships and allocating capacity on key routes.
[Q1 2024 Results (Non-consolidated)]
| Q1 2024 | Q1 2023 | Remarks | |
| Revenue | 3,822.5 (2,838.2) |
3,195.9 (2,373) |
+20% YoY |
| Operating Profit | 436.1 (323.8) |
415 (308.1) |
+5% YoY |
| Net Income | 345.2 (256.3) |
355.4 (263.9) |
-3% YoY |
