Korean Air reported strong cargo performance in the second quarter of 2024. 

The South Korean flag carrier said its cargo business revenue increased by 14% year-on-year to KRW 1.0972 trillion (US$812 million), driven by increased e-commerce volumes from China on top of steady air cargo demand from the semiconductor, automotive and display industries.

The announcement came as Korean Air reported its second-quarter numbers, showing that the airline achieved a record quarterly revenue of KRW 4.0237 trillion (US$2.8964 billion), representing a 14% increase year over year.

"This achievement was driven by proactive responses to seasonal changes in passenger demand across networks and active efforts in securing air cargo demand," the carrier said.

It noted that operating profit, however, decreased by 12% year-on-year due to increased fuel and labor costs, and other expenses associated with higher business volume.

Meanwhile, revenue from the passenger business rose by 10% year-on-year to KRW 2.4446 trillion as a result of the airline’s expanded capacity across its networks, including China, and strong business and leisure demand in the Americas and Europe.

Increased cargo charters in Q3

Korean Air said in Q3, the airline aims to maximize profit by increasing flight frequencies and expanding charter operations during the peak summer travel months.

"The cargo business will continue to accommodate e-commerce demand with additional charter flights and enhance competitiveness through flexible route operations," it added.