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    • Korean Air reverses loss with US$337 million profit, boosts cargo volume

      FLAG carrier, Korean Air Lines, has reversed its loss of last year's second quarter by posting a net profit of KRW346.7 billion (US$337.8 million) on increased passenger and cargo volume as well as a stronger won.


      Net loss in Q2 last year amounted to KRW358.7 billion, and the turnaround this year stemmed from the stronger won that helped cut fuel costs and reduce debt denominated in foreign currency, the carrier said.


      Sales moved up 2.1 per cent to KRW2.89 trillion from the KRW 2.83 trillion reached in the second quarter of last year.


      Korean Air said cargo shipped to the Americas and Europe rose seven per cent and five per cent, respectively, with outbound cargo jumping nine per cent. It said transshipment air cargo edged up two per cent year on year.


      "Less travel between South Korea and Japan hurt operations, but this was offset by a 15 per cent spike in passenger traffic to and from China, and the three per cent increase in outbound travellers from South Korea," the company said.


      For the first half, Korean Air net profit reached KRW190.9 billion, with operating profit and sales hitting KRW1.4 billion and KRW5.79 trillion respectively and sales increased 1.9 per cent from the KRW5.68 trillion reached a year before.


      Looking to the future, the airline said every effort will be made to capitalise on the summer holiday and harvest celebrations. This year's Chuseok falls in early September.