InfoAnda - Korean Air posts Q3 profit, cautiously sees recovery

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Korean Air posts Q3 profit, cautiously sees recovery Reuters - Tuesday, November 10 Send IM Story Print * Posts second straight net profit, swings to op profit * Lower fuel costs, won help; cargo demand still weak * Shares up 2.3 pct vs KOSPI's 0.8 pct gain SEOUL, Nov 10 - South Korea's top airline Korean Air Co posted its second straight quarterly net profit on Tuesday thanks to lower fuel costs and the strengthening won <KRW=>, and cautiously forecasted further recovery next year. Airlines around the world have been hit by soft travel demand and low fares after the global financial crisis and more recent worries over the H1N1 flu pandemic, but are seeing a stabilising trend. Singapore Airlines <SIAL.SI>, the world's largest airline by market value, is set to report its quarterly results later on Tuesday. "Both passenger and cargo businesses showed improvement in October. Concerns over the H1N1 flu are expected to cool down after hitting a peak likely in November," said Lawrence Kim, an analyst at Woori Investment & Securities. Korean Air <003490.KS> shares rose 2.3 percent as of 0253 GMT, leading the wider market's <.KS11> 0.8 percent gain. Korean Air, the world's biggest air cargo carrier, reported a net profit of 264 billion won for the third quarter, slightly below a consensus forecast of 279.4 billion won from Thomson Reuters I/B/E/S. The result improved sharply from a 684.1 billion won net loss a year earlier and a 78.5 billion won profit in the April-June quarter. It also swung to an operating profit of 100.1 billion won, against losses a year earlier and in the previous quarter and below a consensus forecast of 144.4 billion won. "As oil prices continue to stabilise and the won strengthens further, the airline expects to deliver better performance in the coming year," the company said in a statement. It pays for fuel and aircraft lease in dollars. In the third quarter, fuel costs shrank 40 percent from a year earlier while an improvement in international passenger business also helped. <JET-SIN> But its cargo business continued to suffer on falling global demand, although a slight recovery was observed on a month-to-month basis, Korean Air said. Its stock rose 20 percent so far this year through Monday, while the broader market gained 40 percent. (Reporting by Shin Jieun and Rhee So-eui; Editing by Jonathan Hopfner) Recommend Send IM Story Print Related Articles Yahoo aims to boost margins Reuters - 1 hour 16 minutes ago Malaysia Hot Stocks-CIMB jumps ahead of quarterly earnings Reuters - 1 hour 20 minutes ago China Oct steel edges up to near record -Custeel Reuters - 1 hour 22 minutes ago Astellas buys Japan, other rights to new IBS drug Reuters - 1 hour 27 minutes ago Japan's Aeon to issue 100 bln yen convertible bonds Reuters - 1 hour 28 minutes ago News Search Top Stories Google buys mobile ad firm in 750-mln-dollar deal Kraft Foods launches hostile Cadbury bid Women deprived of health care at key times in life: WHO Gazprom profits plunge 49.8% Britney 'upset' over Aussie lip-synching row: promoter More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Britney 'upset' over Aussie lip-synching row: promoter Japan eyes solar station in space Kraft Foods launches hostile Cadbury bid Google buys mobile ad firm in 750-mln-dollar deal Gold price hits record after 'Sri Lanka purchase' More Most Viewed » Somali centenarian weds 17-year-old Mobile phone giant Nokia sues Apple over patents Fibre may keep asthma, diabetes at bay, study finds More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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