Jeju Air’s loss widens in Q2, Jin Air to issue $92m worth new shares
Jeju Air Wednesday reported poorer-than-expected results in the second quarter to paint a dismal picture for the entire LCC community whose players survive barely on lifeline from their majority shareholders and dirt-cheap domestic tickets. The carrier said Wednesday it incurred an operating loss of 84.7b won ($71.5m) in the April-June period, widening from the loss of 65.7b won a quarter ago and 27.4b won a year earlier. Net loss contracted 18% on quarter but expanded 182.1% on year to 83.2b won, while sales plunged 84.3% and 88.5%, respectively, to total 36b won in the period. Jeju Air shares rose 0.32% to close at 15,500 won on Thursday. The result was worse than the market consensus of 81.9b in operating loss amid virus-driven hiatus in air travel. Jeju Air currently operates only four routes to overseas out of all 76 international routes, with eight domestic routes. For H1, the company logged an operating loss of 150.5b won, reversing from a profit of 29.5b won a year ago. It swung to a net loss of 184.6b won, and sales shrivelled 62.4% to 265.3b won.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-08-07/unaligned/jeju-air2019s-loss-widens-in-q2-jin-air-to-issue-92m-worth-new-shares
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Jeju Air’s loss widens in Q2, Jin Air to issue $92m worth new shares
Jeju Air Wednesday reported poorer-than-expected results in the second quarter to paint a dismal picture for the entire LCC community whose players survive barely on lifeline from their majority shareholders and dirt-cheap domestic tickets. The carrier said Wednesday it incurred an operating loss of 84.7b won ($71.5m) in the April-June period, widening from the loss of 65.7b won a quarter ago and 27.4b won a year earlier. Net loss contracted 18% on quarter but expanded 182.1% on year to 83.2b won, while sales plunged 84.3% and 88.5%, respectively, to total 36b won in the period. Jeju Air shares rose 0.32% to close at 15,500 won on Thursday. The result was worse than the market consensus of 81.9b in operating loss amid virus-driven hiatus in air travel. Jeju Air currently operates only four routes to overseas out of all 76 international routes, with eight domestic routes. For H1, the company logged an operating loss of 150.5b won, reversing from a profit of 29.5b won a year ago. It swung to a net loss of 184.6b won, and sales shrivelled 62.4% to 265.3b won.<br/>
