Korean Air Lines Co. is will be flying in the black in the first quarter of this year.
This surprising, data was released Sunday, as the company expanded its logistics business after the new coronavirus pandemic virtually suspended passenger travel.
This airline in South Korea is expected to post an operating profit of 76.6 billion won ($68.3 million) for the January-March period.
Sales, meanwhile, were estimated to have decreased 26 percent over the period to 1.7 trillion won.
Korean Airlines had a loss of 82.3 billion won posted a year earlier, according to a poll released by Yonhap Infomax, the financial arm of Yonhap News Agency.
The strong performance of Korean Air’s logistics business contributes to this success.
“The amount of cargo handled by Korean Air reached a record high amount last month,” NH Investment & Securities Co. said in its report. “The disturbed travel at the Suez Canal led to more demand for air shipping services.”
Star Alliance Member Asiana Airlines Inc., which awaits a merger with its bigger rival Korean Air, is expected to post a profit in the first quarter, compared with the previous year’s loss of 70.3 billion won.