Jeju Air Reports Q3 Operating Profit of 39.5 Billion KRW, Down 11% Year-on-Year

Jeju Air announced on the 5th that it recorded sales of 460.2 billion KRW, an operating profit of 39.5 billion KRW, and a net profit of 43.1 billion KRW on a separate basis for the third quarter of this year.

Jeju Air aircraft. Provided by Jeju Air

Sales increased by 5.4% compared to the same period last year. Operating profit was 39.5 billion KRW, down 11% from the same period last year, but net profit increased by 59% compared to the same period last year.

Accordingly, Jeju Air's cumulative performance for the third quarter of this year recorded sales of 1.4273 trillion KRW, operating profit of 105.1 billion KRW, and net profit of 64.8 billion KRW.

Jeju Air, which had recorded six consecutive quarters of profit from the fourth quarter of 2022 to the first quarter of this year, turned to a loss in the second quarter due to high exchange rates and inflation caused by global supply chain issues, but succeeded in returning to profit in the third quarter, accelerating profitability improvement.

Jeju Air cited the absorption of peak season travel demand based on a solid market share in medium- and short-haul routes as a major factor for such performance.

Jeju Air absorbed travel demand through flexible route operations, such as resuming flights and increasing frequency on high-demand routes to Japan and Southeast Asia according to market conditions. According to the confirmed statistics from the Ministry of Land, Infrastructure and Transport's Aviation Information Portal System, Jeju Air transported 3,324,143 passengers in the third quarter of 2024, with a market share of 14.2%, ranking first among domestic low-cost carriers (LCCs).

In the fourth quarter, Jeju Air plans to focus on diversifying its route portfolio through launching new routes to secure a sustainable future growth base, expanding market share (M/S) in international routes departing from regional cities such as Busan, and diversifying its business by utilizing its resources in hotels, IT, and ground handling services.

A Jeju Air official said, "We will solidify our position as the number one LCC through flexible route operations, new route development, strong cost competitiveness, and synergy among our resources."