Jin Air Posts 22.5 Billion Won Operating Loss in Q3, Swings to Deficit

Jin Air

Jin Air announced on the 7th that it recorded an operating loss of 22.5 billion won in the third quarter of this year, turning to a deficit compared to an operating profit of 40.2 billion won in the same period last year.

During the same period, sales amounted to 304.3 billion won, down 16.5% year-on-year.

Jin Air explained that the turnaround to a deficit was due to intensified competition resulting from increased supply in the third quarter of this year. In addition, the continued high exchange rate led to an overall increase in cost burdens, and a weakened travel sentiment, among other complex factors, made it difficult to maintain profitability.

For the fourth quarter of this year, a short-term improvement in performance is expected, mainly due to the Chuseok holiday, but supply competition remains fierce, making it uncertain whether the business environment will improve. A Jin Air official stated, "We will enhance profitability by developing new demand and attracting outbound passengers on international routes such as Jeju-Taipei, actively responding to changes in the market."

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