Korean Air said on the 21st that, on a separate basis, third-quarter revenue was provisionally tallied at 4.0085 trillion won, down 6% from a year earlier. During the same period, operating profit was 376.3 billion won and net profit was 91.8 billion won, plunging 39% and 67%, respectively, from a year earlier.
Korean Air said, "Revenue fell due to increased global supply and intensifying price competition. Fuel costs decreased, but overall operating expenses rose as depreciation, maintenance costs, and airport and passenger-related costs increased, reducing operating profit as well."
Third-quarter passenger business revenue came to 2.4211 trillion won, down 196.2 billion won from a year earlier. Although the third quarter is typically the peak season for passenger travel, variables such as tighter U.S. entry rules and the postponement of demand due to the Chuseok holiday reduced revenue.
Third-quarter cargo business revenue was tallied at 1.0667 trillion won, down 53.1 billion won from a year earlier. The company said the air cargo market was unstable due to an expansion of U.S. tariff risks, but it responded through reciprocal tariff changes by country and flexible route operations tailored to demand fluctuations.
For the fourth-quarter passenger business, the company expects improved results across all routes thanks to the long Chuseok holiday in October and year-end peak season effects. It plans to enhance profitability through flexible capacity management focused on preferred winter tourist destinations.
For the cargo business, both the year-end consumption season and the prospect of weaker demand due to trade conflicts remain in play. A company official said, "We will improve profit through flexible capacity operations that reflect changes in market conditions, the maximum attraction of e-commerce demand, and the expansion of high value-added cargo."