Asiana on track to cut debt by half to W2tr this year
[THE INVESTOR] Asiana Airlines said on Oct. 1 it is on track to halve its overall debt to 2 trillion won (US$1.8 billion) this year.
“The company will be able to pay short-term liabilities worth about 2 trillion won by the end of December, further improving its financial status,” an Asiana spokesman said over the phone.
As of end-September, Asiana’s short and long term debt was reduced by 50.3 billion won to 3.141 trillion won from a month earlier, the company said in a statement.
As Asiana has completed most of its massive investments this year, it plans to use most of its operating income to pay off more debt starting next year. Each year, the company aims to pay over 500 billion won in dues, it said.
In the January-June period, Asiana shifted to a net loss of 54.81 billion won from a net profit of 21.31 billion won a year earlier due to foreign-exchange losses. Operating income jumped 48 percent to 102.35 billion from 69.13 billion won during the same period. Sales rose 10 percent to 3.246 trillion won from 2.949 trillion won.
By Song Seung-hyun and newswires (firstname.lastname@example.org)