Korean Air’s tentative financial results for Q4 2022

(Non-consolidated)

• Korean Air achieved a fourth fiscal quarter revenue of KRW 3.6068 trillion (USD 2.846 billion),

a 28% year-on-year increase, following the recovery in passenger demand and steady cargo

profit. The airline recorded an operating profit of KRW 520.1 billion (USD 410.4 million), a

26% decrease year-on-year.

• The airline’s Q4 passenger revenue rose 339% year-on-year to KRW 1.6648 trillion, fueled by

growing air travel demand with Japan’s revised border measures and seasonal peak

Southeast Asia and Oceanic demand. Passenger revenue exceeded cargo revenue, a sign

of a full-fledged passenger demand recovery phase.

• Cargo revenue fell 29% year-on-year to KRW 1.5483 trillion. Cargo business was affected by

diminished demand due to global economic slowdown, decrease in shipment rates following

the increase in passenger plane belly and bulk cargo capacity.

• The airline expects passenger traffic demand to continue to increase gradually in Q1, and will

focus on normalization of its passenger business by monitoring and effectively responding to

market trends.

• With the global economic slowdown, the airline forecasts weaker air cargo demand. The airline

seeks to secure demand by strengthening cooperation with large consignors and global

forwarders, and respond to market volatility by enhancing service quality, including additional

certification on special cargo.

• To tackle uncertainties in post-pandemic 2023, Korean Air will be prepared to face business

environment changes, and also strengthen its foundation for mid- to long-term growth for

acquisition of Asiana Airlines.

Source : Korean Air