Korean Air swings to net loss in Q3

GMT 09:26 2014 Monday ,10 November

Arab Today, arab today Korean Air swings to net loss in Q3

Korean Air reports
Seoul - AFP

 Korean Air on Monday reported a net loss of 392 billion won ($361.3 million) for the third quarter, blaming a weak currency that increased the value of its dollar-denominated debts.  
The net loss for South Korea's top air carrier in the July-September period compared to a net profit of 335.4 billion won a year earlier, the company said in a statement.
The net downturn was largely attributed to foreign debt-related conversion losses and increased interest costs.
Operating profit, however, jumped 50.3 percent to 240.7 billion won due to falling fuel prices, the company said, adding that sales inched down 0.6 percent to 3.16 trillion won.


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