Air Busan Achieves Highest Quarterly Revenue in Q3 This Year

Quarterly Sales of 250.2 Billion KRW and Operating Profit of 37.5 Billion KRW Recorded

8.6% Increase Compared to Same Quarter Last Year, Highest Quarterly Record

Air Busan (CEO Doo Sung-guk) announced on the afternoon of the 13th through a public disclosure that it recorded sales of 250.2 billion KRW, operating profit of 37.5 billion KRW (operating profit margin 15.0%), and net profit of 50.9 billion KRW for the third quarter of this year.

This figure represents an 8.6% increase compared to the sales of 230.5 billion KRW in the same quarter last year, which was the highest quarterly performance to date.

According to an Air Busan official, the strategy of aggressively increasing flights and expanding seat supply to promptly respond to market demand was effective, amid the optimal travel environment created by the peak summer vacation season and Chuseok holidays during the summer peak period.

In particular, while significantly expanding supply on China and Greater China routes compared to the third quarter of last year, demand for Air Busan’s mainstay Japan routes has also maintained a solid trend.

Air Busan is also showing prominence in generating inbound foreign tourist demand. Up to the third quarter of this year, about 47% of all Japanese tourists, about 35% of all Chinese tourists, and about 36% of all Taiwanese tourists who entered through Gimhae Airport used Air Busan, demonstrating Air Busan’s high transportation market share.

On the 30th of last month, Air Busan launched a new route to Bali, known as a honeymoon destination, expecting to capture regional demand that had previously been diverted to Incheon Airport due to the absence of a direct flight route.

From the 13th of this month, Air Busan resumed flights on the Busan-Hong Kong route, and synergy is also expected in connection with the existing Busan-Macau route operated by Air Busan. Following China’s recent announcement of visa exemption for Koreans, demand recovery on China routes, mainly for group tours, is also expected to gain momentum.

An Air Busan official said, “In the fourth quarter, entering the winter season, travel demand to Japanese hot springs and warm Southeast Asian resorts is expected to continue,” adding, “We will continue flexible route operations and stable supply considering seasonal demand and maximize aircraft operation efficiency to continuously prove Air Busan’s market competitiveness.”

Air Busan’s cumulative performance up to the third quarter of this year recorded sales of 757.8 billion KRW, operating profit of 126.5 billion KRW, and net profit of 60.9 billion KRW.