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Jeju Air closes off first quarter with lower year-on-year profit
May 9th 2024
Jeju Air Co.’s first quarter net profit declined 10.5% from a year earlier after a weak won drove up operating costs, Yonhap News Agency reports. Read More » Net profit for the three months to March 31 was 43.15 billion won (US$31.7 million) against 48.19 billion won a year ago. “The won's weakness against the US dollar pushed up leasing costs of chartered aircraft, among others factors, in the past quarter,” a company spokesperson said. Operating profit rose 6.2%, to 75.09 billion won, for the three months against 70.73 billion won a year ago. Sales increased 28%, to 539.24 billion won, from 422.29 billion won in first quarter 2023. Income was boosted by increased demand on short and mid-haul routes, largely to Japan, China, Guam, Saipan, Vietnam, and the Philippines, Jeju Air said.
