Jin Air Reports Q1 Revenue of 67.5 Billion KRW, Up 54% Year-on-Year

[Asia Economy Reporter Yoo Hyun-seok] Jin Air reduced its deficit as its sales increased in the first quarter of this year.

On the 16th, Jin Air announced that its sales in the first quarter of this year reached 67.5 billion KRW, a 53.8% increase compared to the same period last year. Operating loss was 46.4 billion KRW, narrowing the deficit from 60.1 billion KRW in the same period last year. Net loss also recorded 31 billion KRW, but decreased compared to 72.1 billion KRW in the same period last year.

The company continued to incur losses due to business volume restrictions caused by the prolonged COVID-19 pandemic and the impact of rising exchange rates and oil prices. However, through active efforts to improve performance, sales increased and the deficit narrowed compared to the same period last year.

Jin Air expects travel demand to recover as countries generally ease entry restrictions. In line with this, it is expanding supply on major routes such as Guam, Clark, Cebu, Narita, and Osaka. The company plans to actively respond to market changes and strive to secure financial soundness.