Korean Air loss narrows in first quarter

South Korea's largest carrier Korean Air said Thursday its net loss narrowed in the first quarter of this year, as operating profit surged from a year ago thanks to low oil prices.

The consolidated net loss for January to March stood at 133.1 billion won ($122 million), compared with a deficit of 155.8 billion won a year earlier, the airline said.

Sales fell 0.9 percent on-year to 2.87 trillion won, while operating profit jumped almost nine times to 189.9 billion won, helped by lower jet fuel prices and strong passenger demand, it said.

The airline said its fuel costs in the first quarter dropped 23.6 percent from a year ago.

Korean Air shares fell 0.91 percent Thursday to close at 43,650 won, although analysts predicted improved earnings for the rest of the year.