Incheon Airport Corporation "860 Billion Won Deficit Expected This Year Due to COVID-19 Impact"

[Asia Economy Reporter Dongwoo Lee] Incheon International Airport Corporation forecasts a deficit of approximately 860 billion KRW this year due to the prolonged impact of COVID-19.

At a regular briefing on the afternoon of the 24th, Incheon International Airport Corporation announced that following a deficit of 426.8 billion KRW last year caused by a decline in passengers due to the adverse effects of COVID-19, a net loss of 860.9 billion KRW is expected this year. Sales this year are projected to be 579.8 billion KRW, a 47.1% decrease compared to last year's 1.0978 trillion KRW.

The corporation estimated that the number of passengers using Incheon Airport after COVID-19 vaccinations this year will range from 5.07 million to 16.53 million. This represents a maximum decrease of 92.8% compared to 71.16 million passengers in 2019. They anticipate that it will take at least 3 to 4 more years for demand to recover.

Last year, the number of passengers at Incheon Airport was 12.04 million, an 83% decrease compared to the previous year. The debt ratio increased by 46.4% last year and is expected to rise to 73.3% this year.

Despite operational difficulties, Incheon Airport Corporation plans to continue reducing facility usage fees such as duty-free store rents this year, following last year. The corporation waived 773.3 billion KRW in facility usage fees last year, and the expected waiver amount this year is projected to total 997.2 billion KRW.

Incheon Airport Corporation stated, "From the second half of this year, when COVID-19 vaccinations become widespread, we expect to gradually enter a recovery phase."

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