SOUTH KOREA: Korean Air reports net loss

Korean Air reported a full-year 2008 net loss of KRW1.96 trillion (US$1.4 billion), reversed from a net profit of KRW11.1 billion in 2007, citing the weak won as the biggest contributor to the heavy decline. It also said yesterday that it is boosting its A380 order from eight aircraft to 10 and will initiate “more […]


Korean Air reported a full-year 2008 net loss of KRW1.96 trillion (US$1.4 billion), reversed from a net profit of KRW11.1 billion in 2007, citing the weak won as the biggest contributor to the heavy decline. It also said yesterday that it is boosting its A380 order from eight aircraft to 10 and will initiate “more aggressive investment” this year with the aim of achieving a “black ink balance” in 2009 while building “a foundation for future growth.” It said it will focus on “increasing overseas travel demand through its Incheon hub,” acknowledging that demand among South Koreans has waned and transit traffic through ICN likely presents the best path toprofitability.