Jeju Air swings to profit in 2023 on brisk travel demand

Korea's top low-cost carrier Jeju Air said Tuesday it swung to a net profit in 2023 on the back of a post-pandemic recovery in travel demand. Net profit came to 130.8b won ($98m) last year, a turnaround from a net loss of 173.9b won the previous year, the company said in a regulatory filing. Sales spiked 145.4% year-on-year to 1.72t won, with operating profit reaching 169.8b won, compared with a 177.5b won operating loss a year earlier. Jeju Air said its 2023 top line and earnings hit all-time highs since the company was founded in 2006. The budget carrier attributed its stellar performance to its strategy of preemptively securing short- to mid-haul flight routes to respond to pent-up travel demand following the lifting of most COVID-19 restrictions. Last year, the company ranked No. 1 in terms of air traffic among flag carriers connecting Korea to Japan, Guam, Saipan and the Philippines, according to data compiled by the transport ministry.<br/>