Jeju Air shifts to net profit in Q1 as travel demand recovers

Jeju Air, South Korea's biggest budget carrier, said Tuesday it shifted to a net profit in the first quarter from a year earlier on recovering travel demand amid eased COVID-19 curbs. In the three months ended in March, Jeju Air swung to a net profit of 48.19b won ($36m) from a net loss of 64.91b won during the same period last year, the company said. "Increased flights to Southeast Asian countries helped offset lackluster travel demand to China, while diversified routes and expanded cargo deals buoyed the bottom line," it said. Jeju Air also shifted to a record quarterly high operating profit of 70.73b won in the first quarter from an operating loss of 77.8b won a year ago. The operating profit margin was at a record 16.8%. Sales more than quintupled to another record quarterly high of 422.29b won from 80.79b won during the cited period. Jeju Air operated the same fleet of 37 B787-800 aircraft in the first quarter, down from 40 B787-800s a year earlier.<br/>