Korean Air achieved record sales last year...Decrease in operating profit is also significantly higher than before the coronavirus pandemic

Korean Air, the major Korean airline, recorded record sales of over 14 trillion won last year. Sales plummeted to 7 trillion won in 2020 due to the coronavirus pandemic, but this has recovered and more than doubled.
Expanded above. Operating profit decreased by 45% compared to 2022, when the company recorded its best performance ever since the COVID-19 virus outbreak.
Korean Air announced on the 30th that its sales for the fiscal year ending December 2023 will be 14,575.1 billion won (approximately 1,600 billion yen) and operating profit of 1.
It was announced that the total sales amount was 586.9 trillion won (approximately 176 billion yen). Compared to the previous year, 2022, sales increased by 8.7%, setting a new record high. Operating profit decreased by 45% compared to 2022
However, it has grown significantly compared to 2019 (268.4 billion won) before the coronavirus pandemic. A company official said, ``During the COVID-19 pandemic, global supplies, including shipping,
"There were rebound gains due to chain issues and a decline in the supply of cargo carriers carrying cargo on passenger planes, but the normalization of air cargo supply after the pandemic led to a decline in operating profit compared to the previous year."
Sales and operating profit for the fourth quarter (October to December) of last year were 3.9801 trillion won and 183.6 billion won, respectively. Sales increased by 10.3% compared to Q4 2022
However, operating profit decreased by 64.7%. A company official said, ``The decrease in operating income in the fourth quarter was due to a temporary reflection of personnel costs from achieving last year's performance and safety targets.''
Overall, we recorded higher performance last year than in 2019." Korean Air offers incentives for meeting safety targets on an annual basis, but these costs were reflected in the fourth quarter.
That's the explanation. In particular, in the case of passengers, despite the fact that supply recovered to only 80% compared to 2019, the load factor of the most advanced classes increased and sales increased.
Korean Air expects aviation demand and supply to normalize for passengers in the first quarter (January to March) of this year. While long-distance demand is strong, the outlook for the winter peak season is
We hope that demand for optical fiber will recover and business results will improve. The company's policy is to maximize profitability by expanding tourist routes in Southeast Asia and regional routes in Japan. In the case of air cargo, we can respond flexibly to changes in demand,
The company plans to improve profitability.