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

Jin Air, the budget carrier unit of Korean Air, 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 60b won ($45m) in the three months ended in March from a net loss of 31b won during the same period of last year, the company said. 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 84.9b won in the March quarter from an operating loss of 46.4b won a year ago. Sales more than quintupled to 352.5b won from 67.5b won. The company said it will focus on further diversifying routes and securing its workforce amid a global economic slowdown in the coming quarters.<br/>