Top News

|  Essar Shipping loss widens to INR 176 crore in Q4  |    |  200 MW solar projects to come up at major ports  |    |  Paradip Port awarded for 2nd highest Traffic growth by Ministry of Shipping  |    |  Aviation ministry to plan path for Air India this week  |    |  Mundra ports quarterly profit up 27% to USD 182.6 million, sales up 18%  |    |  April air cargo rates up as Asia-North America volumes rise  |    |  DHL adds another China-Europe rail link  |    |  Railways to seek Cabinet nod for INR 35,000 cr development fund  |    |  Fraport profit soars 24.5% to USD 20.2 million, revenues rise 3.5%  |    |  CONCOR to start train service from ICD Agra to Mundra Port  |    |  Indian Railways will export 18 diesel locomotives to Myanmar  |    |  Korea seaport cargo up 6.6% in April  |    |  Toyota and Mitsubishi hope to run container port near Indonesian car plants  |    |  PMRDA to start work on ring road by October  |    |  AADA raises China-Australia rate USD 300 TEU July 1  |    |  PPT gets Shipping Ministry award  |    |  Centre govt. plans to upgrade vessel repairing facilities at 7 ports  |    |  Visakhapatnam Port to be modernised by 2019  |    |  CMA CGM launches 2nd loop between India, Mideast &Africa  |    |  Cochin Port to commemorate arrival of 1st vessel  |   
You are here: Home » International News » Aviation» Korean Air posts 2016 net loss of USD 485.9 million

Korean Air posts 2016 net loss of USD 485.9 million

16 February 2017 | Korea
 

transreproter

Korean Air Lines Co. achieved a smaller net loss in 2016 at KRW556.8 billion (USD 485.9 million), compared to 2015's net loss of KRW562.97 billion, owing to a slight increase in sales.

The company stated in a regulatory filing that sales rose 1.6% year on year to KRW11.73 trillion, while operating profit soared by 26.9% to KRW1.12 trillion.

The company said that "Despite a rise in sales and improved operating profit based on reduced costs, the company posted a net loss due to losses from foreign exchange and Hanjin Shipping-related losses.”

In the first nine months of 2016, the South Korean carrier had posted a net profit of KRW85.1 billion, a dramatic improvement from a net loss of KRW695 billion over the same period in 2015.

A Seoul court earlier declared the airline's affiliate Hanjin Shipping bankrupt on February 17.

   
Transreproter Logo