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(LEAD) Korea Aerospace Q2 net more than halves on pandemic

All News 16:46 July 28, 2020

(ATTN: REWRITES throughout)

SEOUL, July 28 (Yonhap) -- Korea Aerospace Industries Co. (KAI), the country's sole aircraft manufacturer, said Tuesday its second-quarter net profit slumped 55 percent from a year earlier due to the new coronavirus outbreak.

Net profit for the April-June quarter plunged to 41.8 billion won (US$35 million) from 92.8 billion won a year earlier as the COVID-19 pandemic drove down demand, a company spokeswoman said over the phone.

"In particular, some of the planned supplying of parts to private-sector customers such as Airbus and Boeing has been delayed, resulting in a delay in payments and an impact on the bottom line," she said.

Operating profit declined 48 percent to 61.2 billion won in the second quarter from 116.6 billion won a year ago. Sales fell 11 percent to 721.1 billion won from 805.3 billion won during the same period.

From January to June, net profit declined 10 percent to 121.2 billion won from 135.3 billion won in the year-ago period.

As of June 30, KAI has exported a total of 148 trainer jets worth US$3.1 billion -- 64 T-50 advanced trainer jets worth $2.4 billion and 84 KT-1 basic trainer jets worth $700 million -- to countries such as Indonesia, Iraq, Thailand, Turkey, Peru and the Philippines since its foundation in 1999.

This undated file photo provided by Korea Aerospace Industries Co. shows a TA-50 lead-in fighter aircraft. (PHOTO NOT FOR SALE) (Yonhap)

kyongae.choi@yna.co.kr
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