大韩航空Q3营收首破5万亿韩元创新高，但营业利润4212亿韩元低于市场预期（高油价拖累）

Korean Air (003490) posted record quarterly revenue of more than 5 trillion won in the third quarter, overcoming high fuel costs driven by the war in the Middle East. With balanced growth in both its passenger and cargo businesses, the carrier topped 5 trillion won in revenue for a second consecutive quarter in its final earnings report before its merger with Asiana Airlines in December, raising expectations for synergies after the deal.
Korean Air said on the 15th that preliminary results showed revenue of 5.0448 trillion won (about $3.49 billion) and operating profit of 421.2 billion won ($291 million) on a separate basis.
Revenue jumped by more than 1 trillion won from 4.0085 trillion won a year earlier, a gain of 26%. The carrier, which reported revenue of 5.0119 trillion won in the second quarter of this year, has now logged more than 5 trillion won in sales for two straight quarters. Operating profit rose 12% from a year earlier.
The record results stemmed from balanced growth in the passenger and cargo divisions. Passenger revenue came to 2.9174 trillion won, up 496.3 billion won from a year earlier. While fuel surcharges weighed on passenger demand, earnings grew as inbound travel to Korea from overseas and transfer traffic through Incheon increased sharply.
A strategy of expanding capacity on routes with strong summer peak-season demand, centered on Japan (Tokyo and Osaka) and the Americas (Atlanta, Vancouver and Hawaii), proved particularly effective. A total of 5,300,478 travelers flew between Incheon International Airport and Japan in the third quarter, up 20.4% from a year earlier, while traffic on routes to the Americas rose 8.1% to 1,987,477 over the same period.
The cargo business also contributed, with revenue of 1.4323 trillion won, an increase of 365.6 billion won from a year earlier. Shipping demand for high-value products rose sharply, with semiconductor exports reaching $60.3 billion in September, topping $60 billion for the first time. Air cargo rates of 629 won per kilometer in the third quarter, up 27.5% from 493 won a year earlier, also drove the improvement.
Korean Air expects fuel costs to remain a burden in the fourth quarter as the Middle East war drags on, but it anticipates continued structural growth in the passenger and cargo divisions. In cargo in particular, the carrier plans to operate capacity flexibly to meet year-end peak-season demand on top of demand tied to artificial intelligence and semiconductors. The won-dollar exchange rate settling in the 1,300-won range, a major factor in airline earnings, is also positive for the carrier's fourth-quarter results.
Expectations are also building for synergies after the launch of the merged Korean Air. The airline industry expects the carrier to post revenue of 20 trillion won and operating profit of 2 trillion won next year on a separate basis, immediately after the merger. Adjusting flight schedules and streamlining maintenance would deliver economies of scale that strengthen profitability.