Jin Air Co., the budget carrier unit of Korean Air Lines Co., said Monday its net profit plunged 44 percent last year from a year earlier on high fuel costs and lower demand from Japan.
Net profit for the whole of 2018 fell to 41.8 billion won ($37 million) from 74.1 billion won a year earlier, the company said in a statement.
“An increase in jet fuel prices and an earthquake in Sapporo and a typhoon in Osaka in September affected the fourth-quarter results,” a company spokesman said over the phone.
Operating profit declined 37 percent to 61.6 billion won in 2018 from 96.9 billion won a year earlier. Sales rose 14 percent to 1.011 trillion won from 888.4 billion won during the same period, the statement said.
Jin Air currently operates 26 chartered B737 and B777 planes and serves 27 international and four domestic routes. (Yonhap)