Budget carrier Jin Air logs record earnings in 2023 on brisk demand

South Korean budget airline Jin Air Co. said Wednesday it posted record earnings in 2023 on strong demand, shaking off the fallout of the coronavirus outbreak. Net income came to an all-time high of 135.8b won ($101m) on a separate basis last year, the first black ink in five years, the low-cost carrier unit of top full-service airline Korean Air Co. said in a regulatory filing. Sales also hit a record high of 1.28t won, up 115% from a year earlier and even up 40.3% from 2019 just before the pandemic outbreak. The airline swung to an operating profit of 181.6b won last year, which was also the first surplus in five years. Its operating margin, or the ratio of operating income to sales, amounted to a new high of 14%. Jin Air's stellar performance was driven by a spike in the number of passengers. Government data showed some 9.83m people used Jin Air flights in 2023, an all-time high and 113% of the 2019 level.<br/>