$140 million loss for Korean Air

Low cargo volumes and the falling won bring losses in April-June

America cost-cutting measures dollar Europe exports Korean Air Q2 loss South Korea won

South Korea’s largest airline Korean Air has reported a second quarter loss: April-June net loss amounted to $140 million. Ascribing reasons for the loss, Korean Air pointed out that there had been a shortfall in cargo of around 12 per cent in comparison to the same period last year in exports to Europe and America. In addition, the South Korean won’s fall against the dollar resulted in an increase in the carrier’s interest payments on its foreign-currency debt. However, the carrier will gain from its cost-cutting measures and a rise in its air fares.