Incheon Airport likely to turn first profit in 3 years

Incheon Airport said Monday that it is expecting to turn a profit in the first quarter this year for the first time in nearly three years, largely driven by increased management efficiency and the gradual recovery of international travel. The exact earnings will be made available after mid-April, the airport said, adding that they are highly likely to see a profit, considering the January and February earnings as well as the estimated passenger revenue in March. Following the outbreak of the COVID-19 pandemic, the airport took a downhill turn in response to the faltering demand in air travel. From 2020 to 2022, it logged 1.9t won ($1.4b) in operating loss, an all-time low since it opened in 2001. The airport's debt rate spiked almost twofold to 92.8% compared to 2019. Incheon Airport declared a management emergency in 2020 and has since strived towards management efficiency. It cut back on the expenses of under-prioritized projects by 264.2b won, and by 93.5b won in the marketing and event budgets.<br/>