Jeju Air Reports Operating Loss of 65.7 Billion KRW in Q1, Turns to Deficit Due to COVID-19 Impact (Comprehensive)

[Asia Economy Reporter Dongwoo Lee] Jeju Air announced on the 8th that its consolidated financial statements showed an operating loss of 65.7 billion KRW in the first quarter of this year, turning to a deficit compared to the same period last year (operating profit of 57 billion KRW).

During the same period, sales amounted to 229.2 billion KRW, a 41.7% decrease compared to the same period last year. The net loss for the period turned to a deficit of 101.4 billion KRW.

The scale of the operating loss slightly exceeded securities market expectations. According to the securities information provider FnGuide, Jeju Air's first-quarter operating loss consensus (average forecast by domestic securities firms) was 62.6 billion KRW.

Jeju Air cited route reductions and a sharp decline in travel demand due to the COVID-19 pandemic as the main reasons for the deterioration in first-quarter performance.

Jeju Air stated, "International flights have been blocked due to COVID-19, and the resulting sharp decline in passenger demand affected our performance."

This content was produced with the assistance of AI translation services.