Air Premia rakes in quarterly profit for first time since founding

Air Premia posted an operating profit of 21.7b won ($16.8m) over sales of 129.6b won in Q3 2023, the South Korean budget carrier said on Thursday. The company achieved its first quarterly surplus since its founding in July 2017 and around a year after it began operating its first international flight in July 2022. It is also the first time that the carrier’s quarterly sales exceeded 100b won. Cumulatively for the first three quarters of this year, Air Premia recorded a revenue of 256.1b won and an operating profit of 15.3b won. The airline attributed its success in achieving profitability to the growth in demand for international passenger flights and its cargo operations. The company highlighted that the increase in international passenger demand and the efficient management of its cargo business were instrumental in improving its financial performance. Despite acknowledging variables including global fuel prices and currency fluctuations, Air Premia was optimistic about its future, saying that the airline could achieve revenues of 360b won by the end of 2023 if the current trends continue, potentially marking its first annual profit. Efficiently operating regular routes to destinations like Los Angeles, New York, and Frankfurt, along with charter flights, Air Premia transported a total of 479,492 passengers in the first three quarters of 2023 with an average occupancy rate of 86.3%.<br/>