Jin Air Reports Operating Loss of 60.1 Billion KRW in Q1... Deficit Widens

[Asia Economy Reporter Kim Hyewon] Jin Air announced on the 17th that its operating loss in the first quarter widened to 60.1 billion KRW compared to a loss of 31.3 billion KRW in the same period last year.

During the same period, sales amounted to 43.9 billion KRW, a 69.5% decrease compared to the same period last year. The net loss for the period expanded to 72.1 billion KRW from a loss of 45.8 billion KRW in the same period last year.

Jin Air explained that prolonged COVID-19 led to a sharp decline in international passenger revenue, resulting in continued poor performance. Profitability also worsened due to intensified competition as low-cost carriers focused on domestic supply.

A Jin Air official stated, "Although uncertainty in the business environment due to COVID-19, including the spread of variant viruses, is expected to continue, recovery in travel sentiment is anticipated with ongoing vaccination efforts," adding, "We will make every effort to defend profitability through flexible route and fleet management and aggressive cost reduction."

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