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Asiana net losses deepen in 2021 on FX losses

All News 19:40 February 15, 2022

SEOUL, Feb. 15 (Yonhap) -- Asiana Airlines Inc., South Korea's second-biggest carrier, said Tuesday its net losses deepened in 2021 from a year earlier due to increased foreign exchange losses and the continued impact from the pandemic.

Net losses widened to 618.15 billion won (US$516 million) last year from 502.97 billion won a year ago as the pandemic continued to weigh on travel demand, the company said in a statement.

"The won's weakness against the dollar drove up the value of foreign exchange losses in the fourth quarter, resulting in widened annual net losses," a company spokesman said.

The dollar rose to 1,183.17 won in the fourth quarter from 1,117.64 won a year earlier, according to data from the Bank of Korea.

Asiana shifted to an operating profit of 91.56 billion won last year from an operating loss of 276.36 billion won the previous year.

The company transformed seven passenger jets into cargo planes in the past two years to win deals to transport semiconductors, electronic machines and other high-end products to offset dried-up travel demand amid the pandemic. It allowed it to swing to an operating profit last year, the statement said.

Sales rose 11 percent to 4.332 trillion won from 3.895 trillion won in the same timeframe.

This file photo taken Feb. 9, 2022, shows an Asiana airplane along with many Korean Air planes at Incheon International Airport in Incheon, just west of Seoul. (Yonhap)


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