Jin Air shifts to net profit in Q1 as travel demand recovers

▲ This file photo provided by Jin Air shows a B737-800 passenger jet. (PHOTO NOT FOR SALE) (Yonhap)

Jin Air-Q1 earnings

Jin Air shifts to net profit in Q1 as travel demand recovers

SEOUL, May 9 (Yonhap) -- Jin Air Co., the budget carrier unit of Korean Air Co., said Tuesday it shifted to a net profit in the first quarter from a year earlier on improved travel demand amid eased COVID-19 virus curbs.

Jin Air swung to a net profit of 60 billion won (US$45 million) in the three months ended in March from a net loss of 31 billion won during the same period of last year, the company said in a statement.

Resumed flights on existing international routes to Southeast Asia and Japan, and new routes to Okinawa, Sapporo and Nha Trang helped the company make a turnaround in the first quarter, it said.

The low-cost carrier also shifted to an operating profit of 84.9 billion won in the March quarter from an operating loss of 46.4 billion won a year ago. Sales more than quintupled to 352.5 billion won from 67.5 billion won.

The company said it will focus on further diversifying routes and securing its workforce amid a global economic slowdown in the coming quarters.

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