SEOUL, South Korea (AP) — Korean Air Lines Co. says fourth quarter profit more than tripled because of the stronger won, masking losses from a weak cargo business.
The South Korean flag carrier said Friday its net income rose to 140 billion won ($128 million) in the October-December period from 44.5 billion won a year earlier.
It said the stronger won reduced its U.S. dollar debts, resulting in an accounting gain.
But weak cargo and a decline in passengers from Japan resulted in a 17.6 billion won operating loss, compared with 77 billion won operating profit a year earlier. The operating result excludes currency fluctuations to provide a clearer picture of financial performance.
The company blamed the drop in cargo shipments on weak trade. Outbound cargos also fell as local companies moved manufacturing facilities overseas.
Author Of Original Patriot Act: No, The Law Was Never Intended to Collect Data On All Americans | Katie Pavlich
Hollywood Actor Vince Vaughn: We Have The Right to Bear Arms to Resist Corrupt and Abusive Government | Katie Pavlich
Accountability? Acting TSA Head Reassigned After Agency Misses 96 Percent of Attacks During Test | Katie Pavlich