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(LEAD) Jeju Air's losses deepen in Q2 on one-off costs

All News 16:44 August 05, 2020

(ATTN: REWRITES throughout; ADDS photo)

SEOUL, Aug. 5 (Yonhap) -- Jeju Air Co., South Korea's biggest low-cost carrier, said Wednesday its second-quarter net losses deepened due to one-off costs amid the impact of the new coronavirus on the airline industry.

Net losses widened to 83.15 billion won (US$70 million) in the April-June quarter from 29.48 billion won a year ago, the company said in a regulatory filing.

"The advance payment worth 11.95 billion won for the acquisition of Eastar Jet was reflected as one-off costs in the quarterly bottom line," the filing said.

The corporate logo of Jeju Air (Yonhap)

Last month, Jeju Air scrapped the deal to take over Eastar due to rising COVID-19 pandemic-related uncertainties.

Operating losses also widened to 84.73 billion won in the second quarter from 27.44 billion won a year ago. Sales plunged 89 percent to 36.04 billion won from 312.95 billion won during the same period.


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