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Korean Air's 4Q profit triples on currency gain
Thursday - 1/31/2013, 11:44pm EST
SEOUL, South Korea (AP) - Korean Air Lines Co. says fourth quarter profit more than tripled because of the stronger won, masking losses from a weak cargo business.
The South Korean flag carrier said Friday its net income rose to 140 billion won ($128 million) in the October-December period from 44.5 billion won a year earlier.
It said the stronger won reduced its U.S. dollar debts, resulting in an accounting gain.
But weak cargo and a decline in passengers from Japan resulted in a 17.6 billion won operating loss, compared with 77 billion won operating profit a year earlier. The operating result excludes currency fluctuations to provide a clearer picture of financial performance.
The company blamed the drop in cargo shipments on weak trade. Outbound cargos also fell as local companies moved manufacturing facilities overseas.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)