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United States Korean Air reports 10% revenue increase in Q3 2024
Korean Air’s Q3 revenue hit KRW 4.24 trillion, driven by summer capacity expansion, premium passenger strategy, and optimized cargo operations.
SEOUL, SOUTH KOREA – Korean Air posted a third-quarter revenue of KRW 4.2408 trillion (USD 3.213 billion), an increase of 10% year-on-year. This growth was underpinned by successful capacity expansion during the summer peak season and optimized cargo operations, particularly in the e-commerce sector.
Passenger business revenue grew 2% year-on-year to KRW 2.6173 trillion in the third quarter. This performance reflects successful yield management through strategic capacity deployment on high-demand routes during peak periods, such as summer vacation and the Chuseok holiday, along with proactive efforts to attract premium class passengers.
In Q4 2024, Korean Air aims to strengthen its market position through targeted initiatives. The passenger business will expand its Southeast Asian network to capture winter demand and implement revenue diversification measures. The cargo division will maintain an agile approach to market dynamics, particularly regarding U.S.-China relations and maritime market fluctuations, while focusing on maximizing opportunities during the peak year-end season.
Q3 2024 Results (Non-consolidated)
*Unit : KRW billion (USD million)KRW/USD exchange rate: 1,319.6
| *Unit : KRW billion (USD million)KRW/USD exchange rate: 1,319.6 | |||
|---|---|---|---|
| Q3 2024 | Q3 2023 | Remarks | |
| Revenue | 4,240.8(3,213.7) | 3,863.8(2,928) | +10% YoY |
| Operating Profit | 618.6(468.8) | 520.3(394.3) | +19% YoY |
| Net Income | 276.6(209.6) | 424.5(321.7) | -35% YoY |
Serving the world for more than 55 years, Korean Air is one of the world’s top 20 airlines, carrying more than 27 million passengers in 2019, pre-COVID. With its global hub at Incheon International Airport (ICN), the airline serves 114 cities in 40 countries on five continents with a modern fleet of 158 aircraft and over 20,000 professional employees.
Korean Air’s outstanding performance and commitment to the highest level of safety and customer service has widely been recognized. The airline has been granted numerous awards including a 5-star airline rating from Skytrax as well as Air Transport World’s Airline of the Year and Cargo Operator of the Year awards.
Korean Air is a founding member of the SkyTeam airline alliance, and has grown into one of the largest transpacific airlines through its joint venture with Delta Air Lines.
George is the News Feed Manager, Content Creator, and Social Media Manager at the TravelDailyNews network of online newspapers. At the same time, he is completing his studies in the Department of Business Administration at the Athens University of Economics and Business.
