Korean Air to buy 12 new planes by 2018

South Korea's biggest airline, Korean Air, Thursday announced the planned purchase of 12 Boeing passenger jets for $3.8 billion over the next five years.

In a regulatory filing, the carrier said it planned to add five 747-8 Intercontinentals, six 777-300ERs and one 787 Dreamliner to its fleet by the end of 2018.

Korean Air currently operates around 155 aircraft, flying to 45 countries.

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The airline said it posted a third quarter net profit of 342 billion won ($324 million), down 1.0 percent from a year ago on a decline in passenger traffic.

It said operating profit fell 43 percent year-on-year to 160 billion won, while revenue was down 3.4 percent to 3.18 trillion won.

But the company benefitted from a foreign-exchange gain of 597 billion won, it added.

The carrier said outbound travel to Japan had declined sharply due to concerns about radiation.

by Saeed KHAN © 2013 AFP

Source: AFP
Date: Oct 24, 2013