Air Busan Reports Q1 Revenue of 213.1 Billion KRW... "Highest Quarterly Performance"

Air Busan announced on the 4th that it recorded its highest sales and profit since its establishment in the first quarter.

Sales in the first quarter amounted to 213.1 billion KRW, a 319% increase compared to the same period last year. Operating profit and net profit turned positive, reaching 47.8 billion KRW and 15.7 billion KRW respectively. This is the highest quarterly sales and profit record since Air Busan's founding. This profit marks the first positive earnings in 16 quarters since the first quarter of 2019. Compared to the first quarter of 2019, which achieved the best performance to date, sales increased by 22%, while operating profit and net profit rose by 771% and 729%, respectively.

Air Busan cited the following factors for the improved performance: ▲easing of quarantine and immigration regulations ▲increase in international passenger demand ▲strong performance of international routes departing from Incheon ▲continued demand on Japanese routes. In particular, Air Busan has maintained its competitiveness in Busan while expanding into the metropolitan area by launching eight routes from Incheon to Japan and Southeast Asia since the second half of last year, quickly establishing itself in the market and enhancing company value.

The foothold in the metropolitan market is also evident in the performance of the Incheon-Japan routes. In the first quarter of this year, the total number of passengers on three Incheon routes (Fukuoka, Osaka, Narita) reached 198,000, surpassing the 173,000 passengers on Japanese routes over six months in the second half of last year. This shows a clear upward trend, even considering that operations on Japanese routes fully resumed in October last year. An Air Busan official expressed confidence that, in addition to the core Japanese routes, further revenue growth is possible through supply expansion if Chinese routes are actively reopened in the future.

An Air Busan representative said, “Our strategy of prioritizing operating profit by flexibly managing routes and improving revenue productivity through efficient aircraft operations has been effective. We will continue to respond swiftly to market conditions and changes in travel demand, and enhance company value through solid growth and sustained competitiveness.”