AAirlines

Korean Air posts 2020 profit on cargo transport.

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Korean Air Lines reported Thursday that it posted a consolidated operating profit of 109 billion won ($97.55 million) in 2020, thanks to cargo that helped offset a drop in passenger travel due to coronavirus restrictions.

See also: Japan Airlines lost 1,676 million euros between April and December.

While South Korea’s largest airline managed to avoid an annual loss in 2020, operating profit fell 58% from 257 billion won in 2019, the carrier said in a statement.

See also: Air travel plummets 66% in 2020, the largest drop in aviation history.

Cargo sales soared 66% to 4.3 trillion won in 2020 from a year earlier, while passenger sales plunged 74%. Cargo sales were supported by the airline’s strategy of increasing aircraft operating rate and using passenger aircraft for transport, Reuters reviewed.

Korean Air is one of the world’s largest cargo carriers and has benefited from strong demand at a time when the collapse in passenger traffic has reduced available transport space.

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