Jin Air H1 net losses narrow on recovering travel demand

SEOUL, Aug. 12 (Yonhap) -- Jin Air Co., the budget carrier unit of Korean Air Lines Co., said Friday its first-half net losses narrowed from a year earlier on recovering travel demand amid eased virus curbs.

Net losses for the six months ended in June narrowed to 59.7 billion won (US$46 million) from 122.5 billion won during the same period of last year, the company said in a statement.

"Travel demand on the routes to China and Japan has yet to recover due to the former's hard-line 'Zero COVID Policy' and the latter's approval of visas for group travelers. But improving demand on the Southeast Asian routes helped the bottom line," a company spokesperson said.

Operating losses also narrowed to 61.4 billion won from 108.9 billion won a year ago. Sales jumped 81 percent to 193.9 billion won from 107.3 billion won during the same period.

Looking ahead, Jin Air said the resurgence of COVID-19 and the won's weakness against the dollar, and high inflation will serve as major uncertainties for the recovery of the airline industry in the second half.

kyongae.choi@yna.co.kr
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