Korean Air's losses widen in Q1 on virus impact
SEOUL, May 15 (Yonhap) -- Korean Air Lines Co., South Korea's biggest carrier, said Friday its first-quarter net losses deepened from a year earlier due to the impact of the coronavirus on the airline industry.
Net losses widened to 736.86 billion won (US$598 million) for the three months that ended in March from a loss of 116.95 billion won in the year-ago period, the company said in a statement.
"Suspended flights on international routes amid virus fears and the won's weakness against the U.S. dollar that drove up the value of foreign debt cut into the quarterly results," a company spokeswoman said over the phone.
The national flag carrier has gradually suspended more than 90 percent of its flights on international routes since March as an increasing number of countries closed their borders or imposed entry restrictions on incoming passengers.
It shifted to an operating loss of 82.79 billion won in the first quarter from an operating profit of 230.81 billion won a year ago. Sales fell 22 percent to 2.43 trillion won from 3.13 trillion won during the same period, the statement said.
kyongae.choi@yna.co.kr
(END)
-
S. Korea to resume issuing short-term travel visas, e-visas next month
-
Ateez to drop new Japanese EP next week
-
(2nd LD) BTS wins three Billboard Music Awards, marking 6th year to win an award
-
Crypto investor probed over allegedly visiting house of Terraform's CEO
-
(2nd LD) N. Korea still unresponsive to S. Korea's outreach for talks on COVID-19: official
-
S. Korea to resume issuing short-term travel visas, e-visas next month
-
(LEAD) Yoon, PPP lawmakers travel to Gwangju en masse to commemorate 1980 democracy uprising
-
(5th LD) Yoon, Biden agree to expand joint military exercises to cope with N.K. threats
-
S. Korea to send condolence delegation to UAE over death of president
-
(LEAD) At least 8 injured in S-Oil refinery explosion in Ulsan: firefighters
-
First lady Kim to greet Biden before state dinner
-
(5th LD) Yoon, Biden agree to expand joint military exercises to cope with N.K. threats
-
(2nd LD) Yoon, Biden hold first summit on N. Korea, economy
-
(2nd LD) N. Korea reports nearly 220,000 new suspected COVID-19 cases, one more death
-
Full text of joint statement issued after Yoon-Biden summit