Jeju Air Reports 45.1 Billion KRW Operating Loss in 4Q, Returns to Deficit

Annual Operating Loss Turns to Deficit of 32.9 Billion KRW... Sales Increase by 9.9% to 1.3 Trillion KRW
"Due to Oversupply, Boycott of Japan Travel, and Hong Kong Political Instability Causing Short-Term Demand Contraction"

[Asia Economy Reporter Yu Je-hoon] Jeju Air announced on the 11th that its consolidated operating loss for the fourth quarter of last year was 45.1 billion KRW, marking a return to deficit compared to the previous year. During the same period, sales decreased by 2.5% to 309.4 billion KRW, and net loss widened to 16.6 billion KRW.

On an annual basis, sales increased by 9.9% to 1.384 trillion KRW, but operating loss turned to a deficit of 32.9 billion KRW. Net loss also returned to a deficit of 34.1 billion KRW.

Jeju Air cited the causes of the annual deficit last year as ▲ oversupply ▲ boycott of travel to Japan ▲ contraction of short-distance travel demand due to political instability in Hong Kong.

A Jeju Air official explained, "From the third quarter of last year, the impact of the boycott movement caused by Japan export restrictions began to be fully reflected, and the Hong Kong protests overlapped, causing travel demand to shrink sharply. In addition, negative external factors such as worsened exchange rates compared to the previous year affected the entire industry."

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