More freight and new investment
Calculated in US currency, Korean Air generated a turnover of USD 1.32 billion and an operating profit of USD 6.57 million in the third quarter.
It therefore posted a profit in the second quarter in a row – thanks to an increase in freight operating rates (Q2: USD 988 million, Q1: USD 852 million) and the growth of freight traffic and despite a 53% drop in sales compared to last year due to a Covid-19 related decline in demand for passenger services.
In the meantime, South Korea's largest airline is buying a stake in its national rival Asiana Airlines. The purchase of 30.77% of the shares is valued at USD 1.62 billion. The transaction is financed by the issuing of new bonds, many of which are subscribed by Korean Air's mother company Hanjin. And Hanjin is supported by the state-owned Korea Development Bank. (ah)