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Jeju Air in talks to receive additional financial support Budget carrier seeks $134 mln from state fund

Translated by Kim So-in 공개 2021-05-28 08:04:46

이 기사는 2021년 05월 28일 08:01 더벨 유료페이지에 표출된 기사입니다.

Jeju Air is in talks with financial authorities on the second financial support worth 150 billion won ($134 million), possibly through the Key Industry Stabilization Fund.

“Discussions are in the early stages. Whether (Jeju Air) will receive support or when the payment will be made haven’t been decided yet,” said an industry source.

Jeju Air has beeb putting efforts to grant additional support this year amid the prolonged Covid-19 pandemic. Jeju Air chief financial officer Lee Jung-seok has visited main creditors, the Export-Import Bank of Korea and Korea Development Bank, every month to ask for additional financial support.

Jeju Air received some 190 billion won in state financial support in late last year, of which 32.1 billion won came from the Key Industry Stabilization Fund.

The additional financial support is expected to help the budget carrier stay afloat amid the extended virus crisis. Its revenue plummeted 81.8% year-on-year to 41.8 billion won in the first quarter on a consolidated basis. It posted an operating loss of 87.3 billion won and a net loss of 79.3 billion won during the same period.

Cash and cash equivalents stood at 99.7 billion won and short-term financial assets was 20 billion won, down 1.2% and 75.1%, respectively, compared to the end of 2020.

The Key Industry Stabilization Fund, which is worth 40 trillion won, is designed to help industries hit hard by the pandemic. Among air carriers, Asiana Airlines and Jeju Air received 300 billion won and 32.1 billion won from the fund last year, with 282.1 billion won injected into companies in other industries. (Reporting by Gyoung-tae Kim)
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