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(LEAD) Korea Aerospace Q3 net plunges 66 pct on delayed parts delivery

All News 16:18 November 09, 2020

(ATTN: RECASTS throughout with details)

SEOUL, Nov. 9 (Yonhap) -- Korea Aerospace Industries Co. (KAI), South Korea's sole aircraft manufacturer, said Monday its third-quarter net profit plunged 66 percent from a year earlier on delayed parts delivery to customers.

Net profit for the three months ending in September fell to 12.4 billion won (US$11 million) from 36.6 billion won a year earlier, the company said in a statement.

"Delayed delivery of aircraft body and wing parts to customers, such as Airbus and Boeing, had an impact on the quarterly results amid the coronavirus pandemic," a company spokeswoman said over the phone.

Operating profit fell 52 percent to 23 billion won in the third quarter from 47.8 billion won a year ago. Sales declined 9.4 percent to 514.6 billion won from 567.7 billion won during the same period.

From January to September, net profit fell 22 percent to 133.6 billion won from 171.9 billion won during the same period of last year.

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.


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