Korean Air announced on the 11th that its operating profit for the second quarter of this year was 399 billion won, a decrease of 3.5% compared to the same period last year.
During the same period, sales amounted to 3.98 trillion won, down 0.9% from the same period last year, while net profit rose 13.4% to 395.9 billion won.
Despite a decrease in fuel costs due to falling oil prices, the company explained that increased labor costs, depreciation costs, and other operating expenses caused the decline in operating profit.
The second quarter revenue from passenger services decreased by 2% to 2.3965 trillion won compared to the same period last year. During the same period, cargo business revenue dropped 4% to 1.1054 trillion won.
A representative from Korean Air said, 'The passenger business in the third quarter is expected to see an increase in demand due to the peak summer season and strong performance in key tourist routes.'