By Cirium2021-02-16T12:10:00+00:00
South Korean carrier Jeju Air has posted a full-year operating loss of W336 billion ($305 million) for 2020, compared with a much smaller loss of W32.9 billion the previous year.
Its fourth-quarter operating loss of W115 billion ($104 million) deepens one of W45 billion in the same period in 2019.
Source: Jeju Air
A Jeju Air 737-800
At a net level, its annual loss likewise increased dramatically, to W314 billion from W33.1 billion. Its fourth-quarter net loss rose to W45 billion from W15.6 billion.
Revenue last year was down 73% at W377 billion. Fourth-quarter revenue fell 83% to W52.2 billion.
In December, Jeju Air secured a W32.1 billion capital injection under South Korea’s Key Industry Stabilisation Fund, administered by the Korea Development Bank.
By Cirium2021-01-18T07:32:00+00:00
South Korea’s Eastar Jet has filed for court receivership as a means to restructure, according to local media reports.
The privately owned low-cost carrier will continue its search for a new buyer to stay in business, Nikkei Asia reported on 16 January citing a source familiar with the matter.
Source: Wikimedia Commons
An Eastar 737-800
Earlier, Eastar was quoted as saying it aims to find a new investor through a court-led rehabilitation scheme in a 13 January report by local English-language media Yonhap.
Compatriot Jeju Air announced in December 2019 that it would acquire 51% of Eastar at W69.5 billion ($63 million). The parties agreed on a lower, W54.5 billion consideration in March 2020 but the deal eventually fell through in July as they could not come to an agreement.