Jeju Air Posts 32.6 Billion KRW Operating Loss in Q1...Turns to Deficit Amid Reduced Flights

Jeju Air announced on the 15th that it recorded sales of 384.7 billion KRW, an operating loss of 32.6 billion KRW, and a net loss of 32.7 billion KRW in the first quarter of this year.

Sales decreased by 30.8% compared to the same period last year, and both operating profit and net profit turned to a deficit.

Jeju Air stated that it reduced the number of flights by about 14% year-on-year in the first quarter of this year and focused on strengthening operational safety by hiring maintenance engineers, pilots, and flight operation managers.

Related costs paid in US dollars, such as aircraft lease fees, maintenance costs, and fuel expenses, also increased. The average KRW-USD exchange rate in the first quarter of this year was 1,453 KRW, which is 125 KRW higher than the 1,328 KRW recorded during the same period last year.

Jeju Air plans to continue introducing new aircraft to lower the average age of its passenger fleet, following the purchase and introduction of one B737-8 aircraft in January of this year and the planned purchase and introduction of two additional aircraft within the first half of the year.

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