Jeju Air’s first-quarter losses far exceed those reported in the full year 2019, and provisional financial results indicate a W63.8 billion ($52 million) operating loss for the January to March period.

The group reported a W34.8 billion operating loss for the whole of 2019, encompassing a W57.8 billion operating profit in the first quarter and a W46.3 billion operating loss in the final quarter.

Revenue in the recently concluded quarter came in at W228 billion, down by 41.7% year-on-year and below W307 billion in the preceding quarter.

First-quarter net loss stood at W99.5 billion, versus a W42.6 billion net profit in the year-ago period. In 2019, Jeju was W36.2 billion in the red and it posted a W17.7 billion net loss for the quarter ended 31 December 2019.

The South Korean low-cost carrier closed a planned acquisition of compatriot Eastar Jet in early March, but has postponed the issue of a convertible bond, which will fund the acquisition, to end June.