Asiana Airlines' Q1 net losses widen on weak won

Economy 17:35 May 15, 2023

SEOUL, May 15 (Yonhap) -- Asiana Airlines Inc., South Korea's second-biggest carrier by sales, said Monday its net losses widened in the first quarter from a year earlier as a weak won drove up operating costs.

Net losses deepened to 54.36 billion won (US$40.6 million) in the three months ending in March from 46.55 billion won during the same period of last year, the company said in a statement.

"The won's weakness against the dollar pushed up jet fuel, maintenance and airport-related costs, weighing on the quarterly bottom line," the statement said.

The dollar rose to an average of 1,275.58 won in the first quarter from 1,204.95 won a year earlier, according to data from the Bank of Korea.

Operating profit rose 16 percent to 166.82 billion won in the March quarter from 143.52 billion won a year ago. Sales jumped 40 percent to 1.75 trillion won from 1.25 trillion won during the cited period.