ID :
44339
Thu, 02/05/2009 - 19:28
Auther :
Shortlink :
https://www.oananews.org//node/44339
The shortlink copeid
Asiana Airlines swings to Q4 loss on higher costs
(ATTN: ADDS more details from para 4-11)
By Nam Kwang-sik
SEOUL, Feb. 5 (Yonhap) -- Asiana Airlines Inc., South Korea's second-largest
carrier, said Thursday that it swung to a loss in the fourth quarter of last year
due to increased costs.
Net loss came to 163.3 billion won (US$118.2 million) in the October-December
period, compared with a net profit of 19.2 billion won a year ago, Asiana
Airlines said in a regulatory filing.
Sales rose 11.7 percent on-year to 1.1 trillion won, but the carrier posted an
operating loss of 93 billion won, compared with an operating profit of 27.3
billion won a year earlier.
For the full year of 2008, Asiana Airlines recorded a net loss of 227.1 billion
won, compared with a net profit of 106.3 billion won a year ago. It's operating
loss came in at 52.7 billion won, compared with an operating profit of 171.6
billion won the previous year. Revenue, however, rose 16.7 percent on-year to
4.26 trillion won in 2008.
Shares of Asiana Airlines tumbled 5.23 percent to close at 3,895 won on the Korea
Exchange.
"The South Korean won's sharp fall against the U.S. dollar pushed up fuel costs
and debts denominated in foreign currency last year. In addition, demand for
travel dried up due to the global economic downturn, which led to the sluggish
performance," the carrier said.
Asiana Airlines, a unit of Kumho Asiana Group, is expected to secure 711.3
billion won in the first half of the year through a capital reduction of Korea
Express Co., a logistics unit of the group.
The carrier spent 1.4 trillion won in February of last year, when the group
bought Korea Express for 4.1 trillion won.
Korea Express said Wednesday that it will pay its shareholders 171,000 won per
share on May 14 in a bid to slash its equity capital by 43 percent as part of
efforts to boost shareholder value.
Asiana Airlines holds a 24 percent stake in the logistics company.
Asiana Airlines is targeting 4.5 trillion won in sales this year. The company is
also hoping to turn itself around if oil prices based on West Texas Intermediate
crude hover around $60 per barrel and the South Korean won remains around the
1,200 level against the U.S. dollar.
ksnam@yna.co.kr
(END)
By Nam Kwang-sik
SEOUL, Feb. 5 (Yonhap) -- Asiana Airlines Inc., South Korea's second-largest
carrier, said Thursday that it swung to a loss in the fourth quarter of last year
due to increased costs.
Net loss came to 163.3 billion won (US$118.2 million) in the October-December
period, compared with a net profit of 19.2 billion won a year ago, Asiana
Airlines said in a regulatory filing.
Sales rose 11.7 percent on-year to 1.1 trillion won, but the carrier posted an
operating loss of 93 billion won, compared with an operating profit of 27.3
billion won a year earlier.
For the full year of 2008, Asiana Airlines recorded a net loss of 227.1 billion
won, compared with a net profit of 106.3 billion won a year ago. It's operating
loss came in at 52.7 billion won, compared with an operating profit of 171.6
billion won the previous year. Revenue, however, rose 16.7 percent on-year to
4.26 trillion won in 2008.
Shares of Asiana Airlines tumbled 5.23 percent to close at 3,895 won on the Korea
Exchange.
"The South Korean won's sharp fall against the U.S. dollar pushed up fuel costs
and debts denominated in foreign currency last year. In addition, demand for
travel dried up due to the global economic downturn, which led to the sluggish
performance," the carrier said.
Asiana Airlines, a unit of Kumho Asiana Group, is expected to secure 711.3
billion won in the first half of the year through a capital reduction of Korea
Express Co., a logistics unit of the group.
The carrier spent 1.4 trillion won in February of last year, when the group
bought Korea Express for 4.1 trillion won.
Korea Express said Wednesday that it will pay its shareholders 171,000 won per
share on May 14 in a bid to slash its equity capital by 43 percent as part of
efforts to boost shareholder value.
Asiana Airlines holds a 24 percent stake in the logistics company.
Asiana Airlines is targeting 4.5 trillion won in sales this year. The company is
also hoping to turn itself around if oil prices based on West Texas Intermediate
crude hover around $60 per barrel and the South Korean won remains around the
1,200 level against the U.S. dollar.
ksnam@yna.co.kr
(END)
