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Jin Air suffers Q2 operating loss of W59.6b

(Jin Air)
(Jin Air)
Low cost carrier Jin Air posted an operating loss of 59.6 billion ($50.3 million) won during the second quarter, nearly doubling the loss it suffered the same time last year, according to its regulatory filing on Friday.

The quarterly revenue stood at 23.2 billion won, down 89 percent from a year ago.

Its net loss for the second quarter was 59 billion won.

The low-cost subsidiary of Korean Air said its business suffered due to the COVID-19 pandemic despite its efforts to increase domestic flights and putting staff on paid leave on a rotating basis.

The company said it had also tried to offset the damage by focusing on cargo business using its wide-body airliner Boeing 777 fleet.

With the impact of the pandemic expected to prolong, the airline said it will pursue a discreet financial management policy and be prepared to proactively respond to various factors to survive the crisis.

By Yim Hyun-su (hyunsu@heraldcorp.com)
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