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Biz News Korea(Eng)

Asiana Airlines eyes best-ever year due to multiple boons

Collected: 2017.08.24

Distributed: 2017.08.29

Source: Go Direct

The bets are on South Korea’s full-service Asiana Airlines Inc. finishing the year at its best.

Its performance improved in the second quarter, helping to finish the first half at an operating profit of 69.1 billion won ($61.1 million) on revenue of 2.94 trillion won, both up over 7 percent from a year-ago period.

Its bottom line was aided by strong cargo revenue from a global semiconductor boom and increased air freight rates as highly sensitive chips cannot be delivered by sea. The airline’s freight ton kilometer (FTK), a measure of the revenue-making load in metric tons, grew 11.4 percent on-year in the second quarter.

Fast shift to destinations to Europe to offset a passenger decline from China amid an ongoing diplomatic row between Seoul and Beijing over the deployment of U.S. Terminal High Altitude Area Defense (THAAD) anti-missile system in Korea was a winning strategy. It increased flights to Frankfurt in Germany and to Rome in Italy, posting 55 percent higher revenue from its Europe routes in the second quarter from a year ago.

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Decreased fuel costs were also advantageous as crude oil prices fell about 11 percent through Monday’s close. Analysts predict the airline would continue a robust growth in the third quarter on the assumption of stable oil prices. The third quarter operating profit is estimated to reach 163.5 billion won, up 7.8 percent from a year ago, according to FnGuide. Full-year operating profit may come to a record 279.7 billion won.

It will also benefit from the unprecedented lengthy holiday in early October timed with the Chuseok holiday.

Shares of Asiana Airlines finished Wednesday 1.5 percent lower at 4,555 won.

By Moon Il-ho

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