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Korean Air net loss shrinks in 2016

All Headlines 17:55 February 09, 2017

SEOUL, Feb. 9 (Yonhap) -- South Korea's largest flag carrier Korean Air Lines Co. said Thursday its net loss shrank from a year earlier in 2016 helped by a slight increase in sales.

Net loss came to 556.8 billion won (US$485.9 million), compared with a net loss of 562.97 billion in 2015, the company said in a regulatory filing.

Sales gained 1.6 percent on-year to 11.73 trillion won, with operating profit spiking 26.9 percent to 1.12 trillion won.

The company blamed foreign exchange losses, as well as losses from its near bankrupt affiliate Hanjin Shipping Co.

"Despite a rise in sales and improved operating profit based on reduced costs, the company posted a net loss due to losses from foreign exchange and Hanjin Shipping-related losses," it said.

Korean Air net loss shrinks in 2016 - 1

In the first nine months of the year, the country's largest full service carrier had posted a net profit of 85.1 billion won, a turnaround from a net loss of 695 billion won over the same period in 2015.

A Seoul court earlier announced its decision to end a rehabilitation plan for Hanjin Shipping and declare the once top shipping line bankrupt on Feb. 17.

bdk@yna.co.kr
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