Korean Air posts 2016 net loss of USD 485.9 million
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.
Tag Keyword: Korean Air Lines , Hanjin Shipping , Airline , Foreign Exchange