April 19, 2024
Industrials
Asiana’s Q1 net profit doubles
[THE INVESTOR] Asiana Airlines said on May 10 that its net profit more than doubled in the first quarter from a year earlier.
Net profit for the three months ended March 31 jumped to 96 billion won (US$85 million) from 44 billion won a year earlier, the company said in a statement.
“The won’s strength against the dollar sharply reduced the value of dollar-denominated debts in the first quarter, giving a boost to the quarterly bottom line,” a company spokesman said.
But rising oil prices and lower travel demand from China amid a row over the deployment of THAAD system cut into the airline’s operating profit.
Operating profit fell 27 percent to 26.3 billion won in the first quarter from 35.8 billion won a year earlier, while sales were up 6.5 percent to 1.46 trillion won from 1.37 trillion won, it said.
By Alex Lee and newswires (alexlee@heraldcorp.com)
Net profit for the three months ended March 31 jumped to 96 billion won (US$85 million) from 44 billion won a year earlier, the company said in a statement.
“The won’s strength against the dollar sharply reduced the value of dollar-denominated debts in the first quarter, giving a boost to the quarterly bottom line,” a company spokesman said.
But rising oil prices and lower travel demand from China amid a row over the deployment of THAAD system cut into the airline’s operating profit.
Operating profit fell 27 percent to 26.3 billion won in the first quarter from 35.8 billion won a year earlier, while sales were up 6.5 percent to 1.46 trillion won from 1.37 trillion won, it said.
By Alex Lee and newswires (alexlee@heraldcorp.com)
