Korean Air, the world’s largest international freight airline, said Thursday its cargo revenue grew 1.9 percent in 2010 to $863 million, and it will meet the improving market with increased capacity in 2011.
Korean reported a $420 million overall net profit for 2010 after losing money in 2009, and its operating profit grew seven-fold.
By The Numbers: Asia-Pacific Airlines' Freight Traffic
That pushed the carrier to expand its capital spending 33 percent “to support Korean Air’s fleet expansion plan,” which will scale up capacity in an Asia cargo market already seeing a sharp rebound in available space.
Korean says its cargo traffic grew 1.7 percent in 2010 over the year before, when demand fell sharply during the global trade downturn.
Peak season demand fueled the increase, Korean said, and auto and machinery parts led the export expansion.