Jeju Air reports 83 billion won in net loss in second quarter

Industry

Published: 05 Aug. 2020, 19:04 Updated: 05 Aug. 2020, 19:06

Jeju Air reports 83 billion won in net loss in second quarter

Jeju Air planes are parked at Incheon International Airport last month. [NEWS1]

Jeju Air reported a devastating second quarter performance, with its on-year net profit plummeting almost 200 percent.

The budget carrier reported 83.15 billion won ($69.96 million) in net loss in the April-June period, down 182.1 percent from the same period last year.

Compared to the previous quarter, net loss decreased by 18 percent.

It reported a total of 184.56 billion won in net loss in the first half of this year.

Sales were down 88.5 percent on-year to 36.04 billion won. Compared to the first quarter, sales were down 84.3 percent.

The loss was expected as travel restrictions due to the coronavirus pandemic continued throughout the second quarter.

Of the 76 international routes, Jeju Air currently operates four. Excluding non-scheduled flights, the carrier flies eight domestic routes.

Korean Air Lines and Asiana Airlines are expected to report their earnings next week.

BY JIN MIN-JI [jin.minji@joongang.co.kr]