Korean Air swings to Q1 net profit on cargo deals

SEOUL, May 4 (Yonhap) -- Korean Air Lines Co., South Korea's national flag carrier, said Wednesday it shifted to a net profit in the first quarter from a year earlier on increased cargo deals.

Korean Air swung to a net profit of 543.85 billion won (US$429 million) for the three months ended in March from a net loss of 28.76 billion won during the same period of last year, the company said in a statement.

Operating profit jumped over six times to 788.45 billion won in the first quarter from 124.48 billion won a year ago. Sales rose 60 percent to 2.805 trillion won from 1.749 trillion won during the same period, it said.

The quarterly earnings are parent-based results, not consolidated ones.

Source: Yonhap News Agency