Korean Air doubles profit in Q3 on higher traffic
South Korea's main flag carrier Korean Air said Wednesday its net profit more than doubled in the third quarter from a year earlier due to a sharp rise in passenger and cargo traffic and a stronger won.
Net profit was 583.8 billion won (520.3 million dollars) in July-September compared with 264 billion won a year earlier, Korean Air said in a statement.
Revenue rose 26.2 percent year-on-year to 3.13 trillion won and quarterly operating profit rose more than threefold to a record 358.1 billion won.
Increased international passenger and cargo traffic was the main reason for the strong third-quarter performance, the airline said.
The won's rise against the dollar also reduced the cost of repaying foreign currency debts.
"Outbound travel traffic rose 23 percent in the third quarter compared to a year earlier, while cargo traffic remained strong since the second half of 2009 due to increased exports of semiconductors and automobile parts," the statement said.
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