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Jin Air wins preliminary approval for IPO on main exchange

All Headlines 18:30 October 30, 2017

SEOUL, Oct. 30 (Yonhap) -- Jin Air Co., the low-cost carrier unit of Hanjin KAL Corp., has achieved preliminary approval for an initial public offering on the Korea Exchange, the main bourse said Monday.

Jin Air is a wholly owned unit of Hanjin KAL, a holding company which also has the national flag carrier Korean Air Lines Co. as a full-service carrier affiliate.

The budget carrier plans to list its shares on the KRX in December to raise funds for the expansion of its fleet and routes, a company spokeswoman said by phone.

On a parent base, Jin Air posted a net profit of 33.5 billion won (US$30 million) on sales of 423.9 billion won in the first half of this year. The net figure more than doubled from 15.1 billion won and sales jumped 30 percent from 325.4 billion won a year earlier, she said.

Jin Air's B777-200ER passenger jet (Yonhap)

kyongae.choi@yna.co.kr
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