Suitors move up to starting line for race for Asiana air cargo arm
As Korean Air and Korea Development Bank gear up to select a preferred buyer for ...
Third-quarter results from Korean Airlines, one of the world’s largest air cargo carriers and holder of a 33% stake in now-bankrupt Hanjin Shipping, saw it return to profit after reaping the benefits of low oil prices – and this came despite booking a Won825bn (US$728m) loss on Hanjin. The airline posted a Won448bn operating profit from July to September, compared with a Won510bn loss this time last year, and told shareholders it would offer no further financial support to Hanjin. “As Hanjin Shipping is under court receivership, Hanjin Group will no longer provide further financial support to the company. Thus, Korean Air’s debt ratio will not be influenced any longer,” a Korean Air spokesman said.
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