T'way Air is continuing its rapid recovery after COVID-19 by recording its highest-ever performance in the first quarter.
On the 24th, T'way Air announced its preliminary first-quarter results, reporting sales of 358.8 billion KRW and an operating profit of 82.7 billion KRW. Compared to the first quarter of last year, sales increased by 500%, and operating profit turned positive.
T'way Air attributes this achievement mainly to the increase in international passenger demand during the first quarter, which includes the winter peak season. Additionally, the company credits its swift preparation for external changes in the aviation industry as a key factor driving these results.
In preparation for the international route reopening after COVID-19, T'way Air continuously recruited pilots, cabin crew, and maintenance personnel alongside acquiring new aircraft. From the second half of last year, the company was able to immediately deploy staff on expanded international routes, enabling efficient schedule management.
Having introduced three large A330-300 aircraft with 347 seats last year, T'way Air has maintained an average load factor of over 85% since launching the regular Incheon?Sydney route at the end of last year.
In line with the reopening of Japan's entry restrictions at the end of October, T'way Air quickly expanded its supply by deploying large aircraft on major Southeast Asian routes such as Japan, Bangkok, and Vietnam, thereby increasing sales.
Furthermore, cargo volumes on routes to Japan, Southeast Asia, and Australia also increased, transporting 4,300 tons of cargo?a 16% increase compared to the fourth quarter of last year. In March, the company transported approximately 1,700 tons, the highest monthly volume, contributing positively to the first-quarter performance.
Along with the recovery of existing routes, T'way Air is also expanding routes through regional airports. In January, it launched a new regular route between Cheongju and Da Nang. New routes from Cheongju to Bangkok (Don Mueang) and Osaka are also planned for the first half of the year, aiming to continue steady sales growth through international route expansion by the end of the year.
Operating 29 aircraft without any reduction until the end of 2022 during the COVID-19 period, T'way Air plans to add two B737-800NG aircraft this year. In 2024, the company intends to introduce more than six aircraft, including large aircraft.
To prepare for business expansion, T'way Air conducted new employee recruitment and experienced hires in March. The company also plans to expand hiring of cabin crew and others in line with future aircraft acquisitions. A T'way Air official stated, "Although the aviation industry has not fully recovered, we will continue to make strides based on an aggressive growth strategy. We will sustain performance growth through differentiated additional services such as membership programs and swift sales strategies."
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