By Heejin Kim SEOUL (Reuters) -Korean Air <003490 KS> reported a drop in cargo revenue for the third quarter of its financial year, as the carrier saw increased risks from tariffs by the U.S. and China. The nation’s largest carrier said in its earnings report on Tuesday that revenue from its cargo business slipped 4.7% […]
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Korean Air quarterly cargo revenue slides as risks from tariffs hit international shipping
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By Heejin Kim
SEOUL (Reuters) -Korean Air <003490 KS> reported a drop in cargo revenue for the third quarter of its financial year, as the carrier saw increased risks from tariffs by the U.S. and China.
The nation’s largest carrier said in its earnings report on Tuesday that revenue from its cargo business slipped 4.7% from a year earlier to 1 trillion won ($700 million).
The company’s revenue from its passenger business dropped 7.5% during the period.
Air cargo growth slowed due to weaker demand for online shopping as well as increased risks from tariffs, the company said.
Uncertainty continues to linger over the cargo shipping industry due to trade tensions between the U.S. and China, the firm said in its industry outlook.
Demand for online shopping is expected to rise during the year-end holidays, the firm said.
(Reporting by Heejin Kim and Hyunjoo Jin; Editing by Jacqueline Wong)