T'way Air Reports Operating Loss of 174.3 Billion KRW Last Year, Nine Times Higher Than Previous Year

[Asia Economy Reporter Hwang Yoon-joo] T'way Air recorded the largest deficit in its history last year since its establishment. Including Jeju Air and Jin Air, all three major domestic low-cost carriers (LCCs) saw a significant increase in losses last year due to the impact of COVID-19.

T'way Air announced on the 25th that its operating loss based on consolidated financial statements reached 174.3 billion KRW last year, an increase of 805.9% compared to 19.2 billion KRW the previous year.

Last year's revenue was 269.2 billion KRW, down 66.8% from 810.4 billion KRW the previous year. The net loss for the period was 137.8 billion KRW, up 219.1% from 43.2 billion KRW the previous year.

As of January last year, T'way Air operated 47 international and 8 domestic routes, but as of January this year, it operates only 7 international and 6 domestic routes.

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