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Korean Air’s financial results for Q4 and full year 2021 (non-consolidated)

Korean Air recorded a revenue of KRW 2.8259 trillion (USD 2,383.7 million) and an operating profit of KRW 704.4 billion (USD 594.2 million) in its fourth quarter financial results. For the full year of 2021, the airline reported KRW 8.7534 trillion (USD 7,383.7 million) in revenue and KRW 1.4644 trillion (USD 1,235.3 million) in operating profit. Korean Air achieved all-time records for both quarterly and annual operating profits in the company’s 53-year history. - Previous quarterly operating profit record: KRW 447.6 billion, Q3 2016 - Previous yearly operating profit record: KRW 1.1589 trillion, 2010 The quarter marked a record milestone for the airline’s cargo business, pulling in KRW 2.1807 trillion in revenue. Peak demand during the year-end holiday season and constraints in passenger jet belly space due to reduced operations have led to a noticeable increase in fares. The airline was able to respond proactively to the global supply chain disruptions and operational restrictions caused by the Omicron variant, and provide clients with reliable services. - Previous quarterly cargo revenue record: KRW 1.6503 trillion, Q3 2021 While the spread of COVID variants delayed the airline’s passenger business recovery, the business saw revenue increase by 14% to KRW 379.5 billion with a rise in passenger traffic bolstered by quarantine-free travel extended to destinations such as Guam, Singapore and Hawaii from Korea. The spread of the Omicron variant may further delay the normalization of global supply chain woes, and subsequently change global consumption and investment patterns. The cargo business will keep these uncertainties in mind as it strengthens its operational capabilities to render stable and dependable air cargo capacity, and actively responds to market changes by operating charter and cargo-only passenger flights. Korean Air expects the speed of passenger demand recovery to be determined by the COVID-19 variant situation and border regulations. The airline plans to continue to flexibly operate routes to respond to market trends.

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Korean Air ends year with $213 million operating profit

While most of the airlines report huge losses amid COVID-19 pandemic, the biggest South Korean air carrier Korean Air reported an operating profit in 2020.

Despite ending the year with a net loss, Korean Air announced it navigated through the COVID-19 crisis with an operating profit of 238.3 billion won ($213 million) on February 4, 2021.

Following the financial report, Korean Air had significantly reduced a net loss from 568.7 billion won ($508 million) in 2019 to 228.2 billion won ($203 million) in 2020. As for the airline’s overall sales in 2020, they decreased by 40%. In particular, passenger ticket sales fell by 74%, as compared to the previous year. 

However, the cargo business enhancement tipped the balance and made operating profit possible, as the airline fully utilized its fleet of 23 freighter aircraft and increased cargo capacity by 25% compared to 2019. The airline also used idle passenger planes for 4,500 cargo operations. 

Additionally, Korean Air said it had plans to reinforce its cargo business strategy by proactively responding to changes in the market. For example, the airlines will focus on its vaccine transportation task force and start shipping COVID-19 vaccines in the second quarter of 2021.

Furthermore, Korean Air is still focused on Asiana Airlines takeover. In January 2021,  the airline announced plans to sell $3 billion-worth of new shares to finance the acquisition of the cash-strapped Asiana.  

Koeran Air to raise cash for Asiana takeover

On January 14, 2021, the South Korean Fair Trade Commission (FTC) and other foreign antitrust regulators received a business combination report from Korean Air regarding the acquisition of Asiana Airlines.

The business combination review is still under examination. If the business combination report is approved, Korean Air would be able to officially begin the process of acquiring Asiana Airlines.

“The main reason behind Korean Air’s decision to acquire Asiana Airlines at this time is to stabilize the Korean aviation industry, which is suffering from the Covid-19 pandemic,” a Korean Air spokesperson said in a statement.

Korean Air submits report to antitrust regulators over Asiana takeover

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Korean Air Targets Further Recovery Gains In Fourth Quarter

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Korean Air posts record operating profit in 2021 on freight boom

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Reporting by Jamie Freed in Sydney; Additional reporting by Ben Blanchard in Taipei; Editing by Clarence Fernandez

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• Company Korean Airlines Co.,Ltd.

KR7003490000

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Sales per region, members of the board, share class, shareholders, company contact information.

Korean Air Lines Co., Ltd.

260 Haneul-gil Gangseo-gu

07505, Seoul

+82 2 2656 7114

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Ratings for korean airlines co.,ltd., analysts' consensus, eps revisions, quarterly revenue - rate of surprise, sector other airlines.

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Korean Air posts record revenue, robust growth in 2023

Achieving a historic high, Korean Air reports record revenue of USD 11.3 billion in 2023, with strong passenger and cargo sector performance despite global economic challenges.

SEOUL, KOREA – Korean Air achieved a record-high revenue of KRW 14.5751 trillion (USD 11.3 billion) in 2023, with an operating profit of KRW 1.5869 trillion (USD 1.23 billion). The airline also achieved a record-high quarterly revenue of KRW 3.9801 trillion (USD 3.09 billion) in its fourth fiscal quarter.

For the full year of 2023, Korean Air reported a higher operating profit compared to 2019. The airline’s 2023 operating profit margin was increased year-on-year by 10.9%, a higher rate than the industry average. The fourth quarter’s year-on-year decrease in operating profit is a result of an increase in staff wages that included incentives for achieving annual performance and safety performance targets.

Annual passenger business revenue increased compared to 2019, driven by strong travel demand and higher premium class demand despite network capacity only recovering to 80 percent of pre-pandemic levels. In the cargo sector, while revenue decreased due to the rebound of passenger belly cargo capacity and the normalization of ocean freight, a higher level of profitability was maintained compared to 2019.

Korean Air anticipates passenger demand and capacity to fully recover in Q1. Long-haul demand is expected to remain robust, and the airline forecasts the recovery of tourism demand during the peak winter season to boost revenue. Korean Air will maximize revenue by resuming routes and increasing capacity to popular tourist destinations in Southeast Asia and Japan.

In Q1, rebound of air cargo demand for traditional items, such as semiconductors, automobiles and displays, remains uncertain due to the weakened global economy. The airline aims to respond flexibly to the ongoing robust demand in e-commerce that has carried over from the end of last year, and will respond to supply chain uncertainties arising from global geopolitical risks.

Q4 and Full Year 2023 Results (Non-consolidated)

* Unit: KRW billion (USD million)

KRW/USD exchange rate: 1,289.4

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Korean Air standalone profit dropped 28% in 2018

By Firdaus Hashim 2019-01-30T02:26:51+00:00

Korean Air reported a 28% slide in its 2018 full year unconsolidated operating profit to W692 billion ($620 million), primarily due to the impact of higher fuel costs.

In an investor presentation, the airline said that revenue grew 7.2% to W12.7 trillion, driven by a 9.8% jump in passenger revenue to W7.7 trillion and a 7.2% climb in cargo revenue to W3.01 trillion.

Operating expenses meanwhile rose 10.3% to W11.9 trillion, as fuel expenses jumped 26% to W3.29 trillion. Non-fuel expenditure climbed 5.3% due to higher labour costs.

The airline's standalone net loss is expected to come in at W80.3 billion, attributed to foreign exchange losses and higher interest expense.

Full consolidated results are expected to be released in March.

Source: Cirium Dashboard

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Korean Air Reports Record Revenue Amid Q4 Loss

Korean Air reported a record-breaking revenue in 2023, surpassing pre-pandemic levels and defying headwinds with impressive gains in passenger travel. However, a Q4 loss cast a shadow on the otherwise stellar full-year performance.

In 2023, the Korean flag carrier achieved a record-high revenue of KRW 14.5751 trillion (USD 11.3 billion) and an operating profit of KRW 1.5869 trillion (USD 1.23 billion). Notably, the fourth fiscal quarter marked a pinnacle with a record-high quarterly revenue of KRW 3.9801 trillion (USD 3.09 billion).

While the airline posted a record-high revenue in Q4, it also reported a net loss of KRW 234.59 billion (USD 176 million), as compared to a net profit of KRW 353.98 billion last year.

Outpacing 2019 Despite Q4’s loss, Korean Air reported a higher operating profit for the full year of 2023 compared to 2019, boasting a 10.9% operating profit margin – surpassing the industry average. The fourth quarter’s year-on-year decrease in operating profit was attributed to an increase in staff wages that included incentives for achieving annual performance and safety performance targets.

Despite operating at only 80% of pre-pandemic network capacity, higher premium class travel fueled a surge in passenger revenue, surpassing 2019 levels.

“Annual passenger business revenue increased compared to 2019, driven by strong travel demand and higher premium class demand despite network capacity only recovering to 80 percent of pre-pandemic levels,” stated the airline statement.

Korean Air anticipates a full passenger demand and capacity rebound in the first quarter of 2024, with long-haul routes remaining popular and tourist destinations in Southeast Asia and Japan poised for a boost.

“Korean Air anticipates passenger demand and capacity to fully recover in Q1. Long-haul demand is expected to remain robust, and the airline forecasts the recovery of tourism demand during the peak winter season to boost revenue. Korean Air will maximize revenue by resuming routes and increasing capacity to popular tourist destinations in Southeast Asia and Japan,”  the airline stated .

Korean Cargo Navigates New Skies While cargo revenue dipped from pandemic highs due to the return of passenger belly cargo, the sector maintained profitability even compared to 2019.

Korean Air stated that the cargo business performed strongly during the pandemic due to global supply chain issues, ocean freight bottlenecks, and limited aircraft belly cargo capacity. However, with the recovery of the air cargo industry post-pandemic, cargo operating profit decreased year-on-year.

Looking forward to the first quarter of 2024, uncertainties persist in the air cargo sector, particularly in traditional items like semiconductors, automobiles, and displays, due to a weakened global economy.

Korean Air aims to navigate the cargo sector by flexibly responding to robust e-commerce demand while addressing supply chain uncertainties arising from global geopolitical risks.

Merger with Asiana in Sight The successful integration of Asiana Airlines, with its strong domestic network, could propel Korean Air towards regional dominance. However, the merger’s actual timing and probable impact on the operation remain crucial elements to consider in the future outlook. Japan has approved the merger .

Overall, Korean Air’s 2023 performance was a mix of record-breaking revenues and unexpected operating costs. While the fourth quarter loss raises concerns, the airline’s ongoing planning, and commitments, point towards a promising 2024, with a focus on optimizing operating costs and capitalizing on the expected full recovery in passenger demand.

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Established in 1969, Korean Air is one of the largest airlines and flag carrier of South Korea. From its hub at Seoul Incheon International Airport, Korean Air provides an extensive network of domestic and international services. The carrier's cargo division, Korean Air Cargo, is one of the largest cargo airlines in the world. Korean Air is a founding partner airline of the SkyTeam alliance.

On 29-Sep-2021, Korean Air confirmed it received approval from Korea Development Bank (KDB) for its post merger integration (PMI) plan to acquire a controlling stake in Asiana Airlines for KRW1.8 trillion (USD1.5 billion) and subsequently merge the two airlines. The PMI includes provisions for gradually merging the two airlines into a single full service carrier under the Korean Air brand, integrating Korean Air's LCC subsidiary Jin Air with Asiana's LCC subsidiaries Air Seoul and Air Busan.

On 01-Mar-2023, UK Competition and Markets Authority (CMA) approved Korean Air to proceed with plans to acquire a controlling stake in Asiana Airlines and subsequently merge the two airlines. Korean Air submitted requests for regulatory approval for the Asiana acquisition from antitrust authorities in various countries in Jan-2021. It has received approval from authorities in 11 countries, including South Korea, Türkiye, Taiwan, Vietnam, Australia, Singapore and China, and is still awaiting approval from authorities in Japan, the US and the EU.

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Korean Air consolidated operating profit South Korea 2013-2022

Consolidated operating profit of korean air from 2013 to 2022 (in billion south korean won).

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Worldwide, South Korea

2013 to 2022

Figures have been rounded. 1,000 South Korean won equals 0.76 U.S. dollars or 0.70 euros as of April 2023

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Revenue of SAS Scandinavian Airlines 2009-2023

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Number of passengers of Finnair 2011-2022

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Star Trek: Simon Kinberg to Produce Prequel Movie, Could Oversee Film Franchise

By Anthony Nash

X-Men producer Simon Kinberg is in talks to produce the new Star Trek movie from Paramount Pictures, according to The Hollywood Reporter .

The film is actually already in development and will be directed by Toby Haynes from a screenplay written by Seth Grahame-Smith. Haynes is no stranger to sci-fi, having directed episodes of the Star Wars Disney+ series Andor in the past.

This new Star Trek movie is said to be set decades before the events of the 2009 movie and will focus on the creation of the Starfleet as humans meet aliens for the first time.

While the new movie is set within J.J. Abrams ‘ timeline of Star Trek films, a report from Puck notes that the project could end up as a “reboot.” And if all goes well, it would also open the door to allow Kinberg to oversee a new era of Star Trek films, even with J.J. Abrams remaining on board the franchise as a producer.

What is happening to Star Trek 4?

Talk of an entirely new Star Trek movie and rebooted universe leaves the status of a planned Star Trek 4 up in the air. In early 2022, during Paramount’s Investors Day Presentation, producer J.J. Abrams confirmed that Star Trek 4 was indeed in active development with the original cast expected to return including Chris Pine, Zachary Quinto, Zoe Saldana, Karl Urban, John Cho, and Simon Pegg.

As of the now, the project currently has no director attached to it after WandaVision’s Matt Shakman exited the movie due to scheduling conflicts with Marvel Studios’ Fantastic Four.

The latest update on the project came just earlier this year, when it was reported that Paramount had brought on Steve Yockey to write the film . However, it’s unclear what Paramount has planned for the project as of now.

Anthony Nash has been writing about games and the gaming industry for nearly a decade. When he’s not writing about games, he’s usually playing them. You can find him on Twitter talking about games or sports at @_anthonynash.

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