Jin Air

 

 

[Alpha Biz= Kim Jisun] Jin Air recorded its highest-ever revenue last year but saw somewhat disappointing operating profit due to the impact of high exchange rates.

Jin Air announced on Monday that its separate revenue for the year reached 1.4613 trillion KRW, a 14.4% increase from the previous year. This marks the highest annual revenue since the company was founded in 2008.

However, its operating profit (1.667 billion KRW) decreased by 8.5%, and net profit (1 billion KRW) dropped by 25.3% compared to the previous year, primarily due to the effects of rising exchange rates.

Jin Air had remained profitable for nine consecutive quarters, from the fourth quarter of 2022 through the fourth quarter of last year.

According to the Ministry of Land, Infrastructure, and Transport, Jin Air's number of passengers last year reached approximately 11.03 million (4.5 million domestic, 6.53 million international), marking a 12% increase from the previous year and the highest ever. This is the first time Jin Air has surpassed 10 million passengers annually.

Jin Air explained that it was able to increase passenger numbers by actively responding to market conditions, including launching new routes such as Incheon-Miyakojima (May), Takamatsu (July), and Busan-Nagoya (September).

The company expects that challenging business conditions will continue this year, with high exchange rates, increased oil price volatility, and ongoing geopolitical uncertainties. As a result, Jin Air plans to monitor changes in travel demand for short-haul low-cost carriers (LCCs) and respond swiftly and flexibly to market conditions to expand its revenue base.

 

 

 

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