[Asia Economy Reporter Hyunseok Yoo] Jin Air recorded an operating profit of 11.6 billion KRW in the fourth quarter of last year, turning profitable for the first time in 15 quarters. The expansion of routes to Japan and Southeast Asia had an impact.
Jin Air announced on the 30th that it recorded sales of 225.4 billion KRW and an operating profit of 11.6 billion KRW in the fourth quarter of last year. The operating profit turned positive compared to the same period last year. With strong performance in the fourth quarter of last year, the annual results also significantly reduced the deficit. Last year's sales amounted to 593.9 billion KRW, a 140% increase compared to the previous year. The operating loss was 67.2 billion KRW.
Jin Air stated, "Since the second half of last year, with the easing of quarantine measures and the implementation of visa-free entry in major countries, travel demand has shifted to a recovery trend," adding, "Performance improved significantly compared to the previous year through the expansion of business volume on routes to Japan and Southeast Asia."
Jin Air aims to return to profitability this year. Jin Air emphasized, "In response to the uncertainties expected due to the economic downturn, we will enhance market responsiveness through proactive route and aircraft operations," and "We will continue to pursue maximizing profits through cost reduction efforts."
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