Asiana Airlines moves to a net loss in the second quarter on foreign exchange losses

SEOUL, Aug. 12 (Yonhap) — Asiana Airlines Inc., South Korea’s second-largest airline, said on Friday it turned to a net loss in the second quarter from a year earlier due to rising losses. change.

Asiana posted a net loss of 212.92 billion won ($163 million) on a consolidated basis in the three months ended June, compared with net profit of 60.84 billion won in the same period. last year, the company said in a regulatory statement. deposit.

“The weakness of the won against the dollar drove up the costs of purchasing jet fuel and the dollar-denominated debt for leased aircraft (when converted to local currency). This reduced the quarterly result,” said a company spokesperson.

The dollar averaged 1,259.57 won in the second quarter from 1,121.23 won a year ago, according to the Bank of Korea.

Operating profit more than doubled to 139.49 billion won from 55.89 billion won a year ago, helped by increased cargo transactions. Sales also jumped 57% to 1,549 billion won from 985 billion won during the cited period.

Cargo business sales rose 16 percent year on year to 818.3 billion won in the second quarter.

From January to June, Asiana’s net losses narrowed slightly to 259.47 billion won from 286.04 billion won a year ago amid the prolonged COVID-19 pandemic.

Asiana rose to an operating profit of 283.02 billion won in the first six months from an operating loss of 31.36 billion won in the mentioned period last year.

Sales fell 15% to 1.549 billion won in the first half from 1.828 billion won a year ago.

Ann J. Cox