South Korea's Jin Air posts first annual loss in 3 years, hit by weak won

[사진=아주경제DB]

SEOUL, January 19 (AJP) - South Korean low-cost carrier Jin Air returned to the red last year for the first time in three years, pressured by a weak won and intensifying competition in the airline industry.

The company said on Monday that its standalone revenue fell 5.5 percent from a year earlier to 1.38 trillion won ($1 billion), based on preliminary results.

Profitability swung to a loss for the first time since 2022, when the COVID-19 pandemic severely disrupted travel. Jin Air posted an operating loss of 16.3 billion won last year, compared with an operating profit of 163.1 billion won in 2024.

The airline had recorded operating profits for 10 consecutive quarters from the fourth quarter of 2022 through the first quarter of last year, but slipped into an operating loss in the second quarter due mainly to the won's weakness. Its annual net result also turned negative, with a net loss of 8.8 billion won, reversing a net profit of 95.7 billion won a year earlier.

Despite the headwinds, the carrier said it launched new routes, including Incheon-Ishigaki in April and Jeju-Taipei in October, and worked to improve operating efficiency in an effort to cushion the impact on earnings.

* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
Oh Joo-seok 기자 farbrother@ajunews.com

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