Jeju Air records net income in Q2 due to increased travel demand after restrictions are eased


SEOUL, Aug. 8 (Yonhap) — Jeju Air Co. announced on Tuesday that it had a net profit in the second quarter of the year, due to a rise in travel demand after the majority of COVID-19 restrictions were removed.

The South Korean low-cost airline recorded a net income of 19.9 billion won (US$15 million) in the three months ending June, compared to a net loss of 55.7 billion won in the same period in 2020, the company said in a statement.

“The airline was able to take advantage of the repressed demand to travel after the re-opening of major (Asian) routes, by adapting its flights to meet post-pandemic market demands and conditions,” it said.

The carrier also earned an operating profit of 23.1 billion won in the second quarter, compared to an operating loss of 55 billion won in the same period the previous year. Sales nearly tripled to 369.8 billion won from 125.1 billion won.

For the first half of 2021, Jeju Air reported a net profit of 68.1 billion won, compared to a net loss of 120.6 billion won during the same period in 2020.

The airline currently operates six domestic routes and 50 international routes using 38 B787-800 passenger jets. It plans to add two B737-8 passenger jets later this year.

Jeju Air is aiming to return to profitability after four consecutive years of net losses by 2022.

This file photo provided by Jeju Air shows a B787-800 passenger jet. (PHOTO NOT FOR SALE) (Yonhap)

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