South Korea's Jin Air's first-quarter operating profit 'down' 40.8%

On the 8th, South Korean low-cost carrier Jin Air announced that its operating profit for the first quarter of this year (January to March) was 58.3 billion won (approximately 6.05 billion yen), a 40% increase over the same period last year.
Sales were 417.8 billion won (US$433.76 million), down 2.9%, and net income was 45.7 billion won (US$47.45 million).
Jin Air explained that its performance worsened due to a "continued difficult business environment, including intensified competition due to increased capacity and increased operating costs due to the appreciation of the exchange rate."
However, "through precise demand analysis and efficient aircraft operations, we have minimized the decline in sales and have achieved operating profits for 10 consecutive quarters since the fourth quarter (October to December) of 2022."
" he added.