Korean Air posts 49 percent gain in net profit

[May 03, 2011]  SEOUL, South Korea (AP) -- Korean Air's net profit in the first quarter jumped 49 percent on investment and foreign currency gains.

Korean Air earned 282.1 billion won ($263.3 million) in the three months ended March 31, the company said. That compared with net profit of 188.7 billion won a year earlier.

Korean Air Lines Co. is South Korea's top airline and the world's biggest international air cargo carrier.

Consolidated sales in the first quarter rose 7 percent to 2.82 trillion won, the company said.

Boosting the airline's bottom line were equity gains from investments in affiliates of 138 billion won -- more than eight times higher than the year before -- and a 65.7 percent foreign currency-related increase of 205 billion won, the company said.

Shares in Korean Air fell 0.7 percent to close at 69,300 won.

[Associated Press]

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