Jeju Air, the country’s largest low-cost carrier by sales, said it recorded 1.38 trillion won ($1.1 billion) in sales last year, along with 32.9 billion won in operating loss and 34.1 billion won of net loss. 

The air carrier said its 2019 sales improved by 9.9 percent, but the operating profit and yearly net profit both turned into the red.

In the fourth quarter last year, its sales came to 309.4 billion won, also recording an operating loss at 45.1 billion won and net loss of 16.6 billion won. 

The company cited intensified competition among budget carriers and reduced consumer demand for short-distance trips such as those to and from Japan and Hong Kong due to a boycott movement and local protests as reasons for the poor performance. 

A Jeju Air official said external factors including falling exchange rates also impacted the result. 

By Kim Da-sol (ddd@heraldcorp.com)