Jeju Air said on the 9th that, on a consolidation basis, it tentatively logged an operating loss of 110.9 billion won last year, turning to a loss from a year earlier.
Revenue fell 18.4% in the same period to 1.5799 trillion won, and net income posted a loss of 143.6 billion won, turning to a loss from a net profit of 21.7 billion won a year earlier.
Although domestic airlines recorded the largest-ever air transport performance last year, the business environment deteriorated due to a strong dollar-won exchange rate and intensifying competition. Jeju Air was also affected by this, with losses accumulating in the first to third quarters, worsening its annual results.
Jeju Air's cumulative revenue through the third quarter last year was 1.1053 trillion won, down 25.6% from the same period a year earlier, and its operating result was a loss of 129.5 billion won, turning to a loss from the same period a year earlier (120.2 billion won).
However, in the fourth quarter last year, operating profit on a consolidation basis was tentatively tallied at 18.6 billion won, turning to a profit from a year earlier. Revenue in the same period rose 5.4% to 474.6 billion won.
Jeju Air said it returned to the black for the first time in five quarters since the third quarter of 2024, citing fuel cost savings from introducing next-generation aircraft and returning older planes, as well as efficient route operations through expanded service on high-demand routes such as Japan and China.
With the turnaround to operating profit in the fourth quarter last year, Jeju Air is expected to be the only major low-cost carrier (LCC) to post a profit last year.
Jin Air posted an operating loss of 9.7 billion won in the fourth quarter last year, and AIR BUSAN also recorded a loss of 5 billion won in the same period. T'way Air has not yet disclosed its results, but the fourth-quarter operating consensus compiled by FnGuide is an operating loss of 45 billion won.
Jeju Air expects to post solid results in the first quarter this year, noting that the number of passengers carried in January was about 1.176 million, up 33.5% from a year earlier and 2.6% from January 2024.
A Jeju Air official said, "To respond to a business environment with increasing uncertainties, including greater volatility in oil prices and exchange rates, restructuring of the aviation market, and intensifying competition, we are focusing this year's management strategy on strengthening fundamentals," adding, "We will enhance the stability and efficiency of our operations to build a sustainable profit structure and concentrate on improving results."