South Korean carrier Jin Air sees soaring profits over first quarter
The Korea Herald/Asia News Network
July 19, 2012, 11:25 am TWN
SEOUL -- Jin Air, a low-cost carrier, said Tuesday that its operating profit in the first half of this year had more than doubled, dismissing initial concerns that Korea is a deathbed for discount airlines.
The subsidiary of Korean Air increased its year-on-year sales by 65 percent, to 119.5 billion won (US$110 million). The carrier's operating profit in the same period also increased by 256 percent, to about 7.8 billion won.
The 4-year-old low-cost carrier attributed its performance to its "extraordinary flight routes," which depart from Jeju Island to domestic and foreign cities. Expanding operating time through special flights also contributed to the boost in profit, the company said.