Asiana shifts to loss in Q3 on one-off costs

SEOUL– Asiana Airlines Inc., South Korea’s second-biggest carrier, said Monday it swung to a net loss in the third quarter from a year earlier on foreign-exchange losses and one-off costs.

Asiana logged a net loss of 386.19 billion won (US$327 million) on a consolidated basis in the three months ending in September, shifting from a net profit of 9.42 billion won in the year-ago period, the company said in a statement.

“The won’s weakness against the dollar pushed up the value of dollar-denominated debts when converted into the local currency and corporate taxes also weighed on the quarterly results,” it said.

The dollar rose to 1,184.90 won at the end of September, compared with 1,173.50 won a year earlier, according to data from the Bank of Korea.

Operating profit plunged 60 percent to 6.31 billion won in the third quarter from an operating income of 15.89 billion won a year ago.

But sales rose 32 percent to 1.06 trillion won from 808.15 billion won during the same period on increased cargo deliveries.

From January to September, net losses widened to 685.09 billion won from 623.85 billion won in the cited period of last year.

Source: Yonhap News Agency

Recent POSTS