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Asiana Airlines posted an operating loss of nearly 300 billion won ($212 million) in the second quarter, even as its passenger business delivered double-digit growth. The carrier was weighed down by a sharp drop in cargo revenue following the sale of its freighter operations last year, compounded by higher fuel costs and a weak won.
Asiana Airlines disclosed Thursday that its standalone revenue for the second quarter came in at 1.55 trillion won, down 7.7 percent from the same period a year earlier. Its operating loss reached 295.1 billion won, swinging from an operating profit of 34 billion won in the year-earlier quarter.
The standout in the results was the passenger business. Passenger sales rose to 1.28 trillion won, up 163.3 billion won, or 15 percent, from a year ago. Although capacity fell about 2 percent due to scheduled heavy maintenance, the load factor climbed 5 percentage points, driven by expanded connecting sales originating overseas. Revenue per passenger also improved 10 percent.
Strong passenger performance, however, was outweighed by the impact of the freighter business sale completed last August. Second-quarter cargo revenue came in at 114.7 billion won, a decline of 256.5 billion won from a year earlier. The exit from freighter operations shrank network sales and also weighed on belly cargo revenue from the lower holds of passenger aircraft.
Cost pressures mounted at the same time. Operating expenses rose on higher fuel prices and a weaker won, while the carrier also absorbed spending on in-flight meal upgrades, cabin interior and lounge improvements, and integration preparation costs related to its pending merger with Korean Air.
The stronger dollar also hurt the bottom line. The won-dollar rate stood at 1,542 won at the end of the second quarter, up 107 won from the end of last year. The resulting expansion in foreign-currency translation losses pushed the net loss to 328.6 billion won, compared with a net profit of 233.2 billion won in the second quarter of last year.
Asiana Airlines is counting on the summer peak season and a stabilization of fuel prices and the exchange rate in the third quarter. The carrier plans to expand transit demand from passengers connecting through Korea and to increase capacity on Japan routes. It will launch regular service to Kobe in September and double Fukuoka flights to twice daily.
On the cargo side, the airline is focused on restoring belly cargo profitability. Air freight typically enters its peak season toward the end of the third quarter, and the carrier sees sustained demand for high-value goods — particularly semiconductors and AI-related industrial products. Asiana plans to secure cargo volumes from key shippers in advance to offset the revenue lost since the freighter sale.
Meanwhile, Asiana Airlines held an extraordinary shareholders meeting Wednesday, at which shareholders approved the merger agreement with Korean Air with a 99.33 percent vote in favor. With the merger date set for Dec. 16, the airline must pursue earnings recovery in the second half while simultaneously advancing organizational, service and IT integration work.
kwater@heraldcorp.com
