T’way Air’s net losses widen in 2020 on pandemic
SEOUL-- T'way Air, a South Korean low-cost carrier, on Thursday reported widened losses last year due to the coronavirus' impact on the airline industry.
Net losses deepened to 137.87 billion won (US$124 million) in 2020 from 43.21 billion won a year earlier, the company said in a regulatory filing.
Operating losses also widened to 174.31 billion won last year from 19.24 billion won the previous year. Sales fell 66 percent to 269.22 billion won from 810.45 billion won over the cited period, it said.
T'way Air suspended most of its international routes in March as countries strengthened their entry restrictions amid virus fears.
The budget carrier has 27 B737-800 chartered planes and currently serves seven international routes and six domestic routes, sharply down from 47 and eight routes in January last year.
In October, the company began using two of the 27 B737-800s to carry cargo on the Incheon-Ho Chi Minh City route as travel demand dried up.
It plans to place the cargo, such as textiles and electronic parts, on the seats of the two B737-800s, and it will consider utilizing more passenger jets for cargo delivery depending on market conditions.
Source: Yonhap News Agency