Korean Air reports revenue growth despite rising costs in Q3 2023

Korean Air sees a 5% revenue increase in Q3, fueled by strong travel demand recovery, despite challenges from rising operational costs. Korean Air achieved a revenue of $2.873 billion in its third fiscal quarter, a 5% year-on-year increase following the steady recovery of travel demand. However, the rise in fuel prices and increase in operation costs due to expanded aircraft operations led the airline to post a decreased operating profit of $387 million year-on-year.

The airline forecasts a continued increase in passenger demand in Q4 with goals to restore pre-COVID seat capacity levels. The airline will work to maximize profits by securing new demand and operating additional special flights.

In Q4, the airline expects increased air cargo demand from the year-end season despite growing global economic uncertainties caused by factors such as the U.S. Federal Reserve’s prolonged monetary tightening policies. In order to maximize revenue, the airline plans to further attract e-commerce and cater to seasonal demand.