A Jin Air plane (Yonhap)
SEOUL, Jan. 17 (Korea Bizwire) – 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 135.8 billion won (US$101 million) 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 1.28 trillion won, up 115 percent from a year earlier and even up 40.3 percent from 2019 just before the pandemic outbreak.
The airline swung to an operating profit of 181.6 billion 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 percent.
Jin Air’s stellar performance was driven by a spike in the number of passengers. Government data showed some 9.83 million people used Jin Air flights in 2023, an all-time high and 113 percent of the 2019 level.
Forecasting air traffic to grow for the time being, Jin Air said competition will likely heat up this year amid an overall increase in flights.
Jin Air, which was set up in 2008, further said it will redouble efforts to hone its competitive edge by responding smartly to changes in the local aviation market amid continued negative factors at home and abroad.
(Yonhap)
