Korean Air, the world's largest international air freight carrier, returned to the black in the first quarter of 2010 after suffering a loss of KRW526.3 billion (US$459 million) in the same period a year ago, owing to the improving global economy and stronger local currency.

The carrier earned KRW171.54 billion in the first three months of the year, the company said in a regulatory filing.

Korean Air earlier announced on April 14 that revenue rose by 14.8 per cent from the year before to KRW2.6 trillion on improved cargo and passenger business, reports The Associated Press.

It blamed Korean Air's loss in the first quarter of 2009 to weakness in the South Korean currency driving up costs denominated in US dollars, such as servicing its foreign debt and paying for fuel. The carrier had suffered six consecutive quarterly losses until the end of the first quarter of last year.

Source: schednet