Jeju Air swings from a year-earlier loss to 54.9 billion won in Q3 operating profit

[Financial News] Jeju Air returned to profit in the third quarter of this year, posting operating profit of 54.9 billion won, compared with the same period a year earlier. Cumulative operating profit through the third quarter also turned positive.
Jeju Air disclosed on the 3rd that preliminary figures showed revenue of 489.6 billion won and operating profit of 54.9 billion won on a standalone basis for the third quarter of this year. Revenue rose 32.2% from the same period last year, while operating results swung from a loss of 59.9 billion won to a profit. Results also improved from the previous quarter. Revenue increased 10.8% from 441.7 billion won in the second quarter, and operating results turned positive from a loss of 52.4 billion won.
Cumulative revenue through the third quarter of this year rose 36.0% year-on-year to 1.4295 trillion won. Cumulative operating profit was 66.9 billion won, a turnaround from an operating loss of 140.6 billion won in the same period last year. Net income in the third quarter was 203.2 billion won, reversing a net loss of 64.8 billion won in the same period last year. The results reflected improved foreign-currency-related gains and losses following a decline in the won-dollar exchange rate, as well as gains from the sale of aircraft held as assets, among other factors. Cumulative net income through the third quarter also turned positive, reaching 164 billion won compared with a net loss of 100.8 billion won in the same period last year. 
[email protected] Jung Won-il Reporter