Login

Register | Forgot Your Password? | Close
Register | Forgot Your Password? | Close

SEOUL, South Korea (AP) - Korean Air Lines Co. says fourth quarter profit more than tripled because of the stronger won, masking losses from a weak cargo business.

The South Korean flag carrier said Friday its net income rose to 140 billion won ($128 million) in the October-December period from 44.5 billion won a year earlier.

It said the stronger won reduced its U.S. dollar debts, resulting in an accounting gain.

But weak cargo and a decline in passengers from Japan resulted in a 17.6 billion won operating loss, compared with 77 billion won operating profit a year earlier. The operating result excludes currency fluctuations to provide a clearer picture of financial performance.

The company blamed the drop in cargo shipments on weak trade. Outbound cargos also fell as local companies moved manufacturing facilities overseas.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
share this story:
Attention KTAR.com Comment Users: We have recently changed our comments boards.
We would like you to be part of the conversation and The Voice of Arizona by logging in with your Facebook, Twitter, Google+ or Disqus account. Existing KTAR (Arizona Sports) account members will need to create a Disqus account or use one of the aforementioned social media logins. Thank you.
comments powered by Disqus
close

Share: