Korean Air's 2007 profit drops 97.1% on fuel costs, weak currency

Korean Air posted 2007 net income of KRW11 billion ($11.7 million), a 97.1% drop from KRW383 billion earned in the prior year that it attributed to high fuel costs and the won's weakness. KE said it is hopeful new surcharges aimed at offsetting fuel costs and a surge in demand related to this year's Beijing Olympics will help it turn around its financial fortunes in 2008. Operating revenue for 2007 rose 9.1% to KRW8.8 trillion while expenses increased 7.8% to KRW8.18 trillion, producing ...