Due to the Impact of COVID-19, Jin Air Reports Operating Loss of 31.3 Billion KRW in 1Q... Returns to Deficit

[Asia Economy Reporter Yu Je-hoon] Jin Air posted a loss of 30 billion KRW in the first quarter due to the impact of the novel coronavirus disease (COVID-19).

Jin Air announced on the 15th that it recorded sales of 143.9 billion KRW and an operating loss of 31.3 billion KRW in the first quarter. Sales decreased by 50% compared to the previous year, and operating profit turned into a loss. Net loss also turned into a deficit of 45.8 billion KRW.

Jin Air cited COVID-19 as the cause of this loss. The company stated, "The business volume of domestic and international airlines has shrunk due to the spread of COVID-19," adding, "Passenger demand sharply declined due to overseas entry restrictions, resulting in reduced flights, which led to a drop in sales and operating losses."

Jin Air expects such uncertainties to continue in the future. Accordingly, it plans to actively strengthen profitability through new domestic routes, irregular flights, and cargo revenue using medium-sized aircraft (B777-200ER). Jin Air said, "Although we are facing a difficult business environment, we will do our utmost to overcome the crisis by continuously solidifying our fundamentals."

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