Thursday, 19 July 2012

Korean air freighter reports net loss of $158.48 billion for Q2

The air freight carrier, Korean Air Lines, recently repoted a net loss of $ 158.48 billion for the second quarter of 2012, marking a dramatic shift from a net profit of 21 billion won in 2011.

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A company spokesperson said that "a weaker won drove up the value of dollar-denominated debts, which left the company with foreign exchange translation losses worth $ 136 billion won [in the second quarter]."

With regards to profit, Korea's second largest air freight company made an operational profit of $ 128.48 billion with sales rising up to 11 percent. 

"Increased outbound demand on long-haul routes to Europe and the U.S. decreased jet fuel proces helped buoy the second-quarter operating profit."


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