SOUTH KOREA: Weak Won and high fuel costs hurt Asiana

Fuel costs and the weakening Korean Won combined to drag Asiana Airlines to a KRW47.9 billion (US$36 million) loss in the third quarter, reversing a KRW37 billion profit a year earlier. “The loss in the third quarter can be attributed to higher oil prices and a weaker local currency,” the carrier said in a regulatory […]


Fuel costs and the weakening Korean Won combined to drag Asiana Airlines to a KRW47.9 billion (US$36 million) loss in the third quarter, reversing a KRW37 billion profit a year earlier.

“The loss in the third quarter can be attributed to higher oil prices and a weaker local currency,” the carrier said in a regulatory filing cited by Yonhap news agency. Sales climbed 21 per cent year over year to KRW1.17 trillion, but fuel costs surged 83.2 per cent to KRW470.3 billion and currency-related losses rose 59-fold to KRW112.6 billion as the Won fell 13 per cent during the three-month period.