KOREAN Air
Lines Co.
achieved a smaller net loss in 2016 at KRW556.8 billion (US$485.9 million), compared
to 2015's net loss of KRW562.97 billion, owing to a slight increase in sales.
The
company stated in a regulatory filing that sales rose 1.6 per cent year on year
to KRW11.73 trillion, while operating profit soared by 26.9 per cent to KRW1.12
trillion, reported Yonhap.
"Despite
a rise in sales and improved operating profit based on reduced costs, the
company posted a net loss due to losses from foreign exchange and Hanjin
Shipping-related losses," the company said.
In
the first nine months of 2016, the South Korean carrier had posted a net
profit of KRW85.1 billion, a dramatic improvement from a net loss of
KRW695 billion over the same period in 2015.
A
Seoul court earlier declared the airline's affiliate Hanjin Shipping bankrupt
on February
17.
Source
: HKSG.
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