Airplanes are parked on the domestic apron at Gimpo International Airport in Seoul in this undated file photo.
Yonhap Korea’s aviation industry is facing severe headwinds, as a combination of high oil prices and a weakening Korean won is feared to slow down major airlines' earnings recovery.
According to estimates by market tracker, FnGuide, the nation’s five major listed airlines are forecast to report combined operating losses of around 823.6 billion won ($542 million) in the second quarter.
The weakening local currency and rising fuel costs have directly weighed on airlines' profitability, as fuel expenses typically account for about 30 percent of an airline's total operating costs.
For instance, Korean Air and Asiana Airlines consume an estimated 42.05 million barrels of jet fuel this year.
