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Jeju Air first quarter net profit falls 10.5%, weak Korean won drives up operating costs

Jeju Air first quarter net profit falls 10.5%, weak Korean won drives up operating costsJeju Air first quarter net profit falls 10.5%, weak Korean won drives up operating costs South Korea’s low-cost carrier, Jeju Air, has reported its net profit in the first quarter fell 10.5% year-on-year (YoY) to KRW 43.1bn ($31.7 million), with a weak currency, the Korean won, pushing operating costs up, according to Yonhap News Agency. A company spokesperson had reportedly said that the won’s weakness against the dollar had pushed up its chartered planes’ leasing costs, which are dollar denominated. Its operating profit was up 6.2% YoY to KRW 75bn ($55 million) and revenues were up 28% YoY to KRW 539.2bn ($395.3 million) in the first quarter.

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