THE COVID‐19 pandemic has turned out to be an existential crisis for many airlines round the world. But for Korean Air, the flag‐carrier of South Korea, it seems to have generated interesting opportunities. Korean’s revenues dipped by 40% in 2020, the first year of lock‐downs and border closures, but it was able to report a small operating profit, and a reduction in net losses compared with the previous year. But in 2021, the second and full year of disruption, revenues grew (by 18%) and it achieved its highest ever level of operating profits of ?1.4tn (US$1bn) reflecting a margin of nearly 16% on turnover of ?9tn ($7.9bn).
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