T’way Air poised to become Korea’s No.2 budget carrier in 2023

South Korean low-cost carrier T’way Air is poised to overtake Jin Air and become the No.2 budget airline this year. According to a brokerage consensus compiled by financial data tracker FnGuide Inc. on Wednesday, T’way Air is projected to post 17.6b won ($13.7m) in operating profit in Q4 of this year on sales of 325.9b won. Jin Air’s operating profit is projected to reach 13.4b won on sales of 293b won during the same period. T’way Air has been ahead of Jin Air in terms of sales since the first half of this year. In the first six months of 2023, T’way Air raised 102.3bn won in operating profit on sales of 644.9b won while Jin Air posted 102.7b won in operating profit on sales of 611.5b won. T’way Air posted 37.6b won in operating profit in Q3 on sales of 348b won while Jin Air’s figures stood at 32.6b won and 322.5b won, respectively, during the same period. T’way Air also outperformed Jin Air in terms of the number of passengers. According to Air Portal, T’way Air’s passenger traffic was 8.26m in the first 10 months of 2023, up 25% from 2019 before the Covid-19 outbreak. Jin Air recorded 8.2m passengers.<br/>