Asiana Airlines Q1 2026: Operating Loss of 52.4B Won, Continued Losses and Heavy Debt Burden

Consolidated revenue in Q1 2026: KRW 1.68 trillion, down 6% YoY in passenger and 83% plunge in cargo due to cargo business sale
Operating loss of KRW 52.4 billion, net loss KRW 251.7 billion (attributable to parent: KRW 243.5 billion)
Total equity KRW 568 billion vs. total liabilities KRW 11.98 trillion, deepening capital impairment
Accumulated deficit of KRW 2.06 trillion, no dividends possible
Merger with major shareholder Korean Air (63.88% stake) in progress but short-term earnings visibility low
Derivative gains of KRW 75.2 billion from fuel options booked, but oil price and FX risks persist
Passenger demand recovering but high oil prices, strong won, and Middle East conflict create headwinds
Multiple lawsuits and tax disputes ongoing (e.g., low-priced sale of in-flight meal business)