Asiana Airlines shifts to black in Q2 on recovery in travel demand

Asiana Airlines Inc., South Korea's second-biggest carrier, said Friday it swung to the black in the second quarter on growing demand for passenger travel.

Asiana logged a net profit of 1.8 billion won ($1.36 million) in the April-June period of 2023, compared with a net loss of 91.5 billion won during the same period of last year, the company said in a regulatory filing.

Sales rose 11.3 percent on-year to 1.57 trillion won in the second quarter, while operating profit sank 48.5 percent on-year to 108.9 billion won.

The decrease in operating profit was mainly attributable to rising costs and increased foreign exchange losses, it said.

In detail, sales from passenger travel jumped 112 percent on-year to 1.07 trillion won on the back of the lifting of anti-COVID-19 restrictions.

But sales of its cargo business retreated 54 percent on-year to 376.5 billion won on falling demand amid a global economic recovery and heated competition in the sector, according to the company.