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Asiana Airlines Q2 net losses deepen on FX losses

All Headlines 17:31 August 14, 2019

SEOUL, Aug. 14 (Yonhap) -- Asiana Airlines Inc. said Wednesday its second-quarter net losses deepened compared to a year earlier due to increased foreign-exchange losses.

For the three months that ended in June, net losses widened to 202.4 billion won (US$167 million) from 46.8 billion won a year earlier, Asiana said in a statement.

"The won's weakness against the dollar and lower demand in the cargo delivery business amid the U.S.-China trade war had an impact on the quarterly results," a company spokesman said by phone.

The won fell to an average of 1,165.91 against the greenback in the second quarter, from 1,078.57 a year ago, according to the Bank of Korea. A weak won drives up not only fuel purchasing costs but also the value of dollar-denominated debts when converted into the local currency.

Asiana swung to an operating loss of 124.1 billion won in the April-June quarter from an operating profit of 23.9 billion won the previous year. Sales during the cited period were nearly flat at 1.75 trillion won compared to 1.74 trillion won in 2018.

Asiana Airlines Q2 net losses deepen on FX losses - 1


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