Jeju Air net profit falls 3.7% due to the high cost of oil

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Jeju Air net profit falls 3.7% due to the high cost of oil

Jeju Air, Korea’s biggest low-cost carrier by sales, said Tuesday its third-quarter net profit fell 3.7 percent from a year earlier due to high oil prices.

Net profit for the three-month period that ended on Sept. 30 reached 31 billion won ($27.6 million), compared with 32.3 billion won ($28.7 million) a year earlier, the company said in a regulatory filing.

The budget airline said high oil prices are to blame for the decline in net profit.

Jet fuel prices came to $87.3 per barrel in the third quarter, up 45 percent from a year earlier.

Operating profit fell 6.5 percent to 37.7 billion won ($33.5 million) in the July-September period from 40.3 billion won ($35.8 million) a year ago. Sales were up 31.3 percent to 350 billion won ($311 million) from 266.5 billion won ($236.8 million) during the same period last year, it said.

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