Korean Air Q2 profit falls 34% on higher fuel costs, revenue hits record high

HONG KONG, July 13 : Korean Air Lines reported a 34 per cent drop in second-quarter operating profit on Monday, as surging fuel costs weighed on earnings despite the carrier posting record revenue for the quarter.• The South Korean flag carrier said operating profit for the April-June period fell to 261.8 billion won ($174.52 million) from 398.9 billion won a year earlier.• Revenue climbed to a 5.02 trillion won, up 26 per cent year-on-year, a record for the second quarter.• Passenger revenue rose about 19 per cent year-on-year to 2.85 trillion won in the second quarter. • Stronger inbound tourism and rising transit demand, partly fuelled by geopolitical disruptions in the Middle East, helped offset a softening in outbound travel from South Korea amid higher oil prices.• Cargo revenue surg