Air Busan Records Largest Ever Profit Since Inception... Operating Profit of 47.8 Billion KRW

Air Busan recorded its highest-ever sales and profit since its establishment in the provisional earnings announcement for the first quarter of 2023.

According to the 'Operating (Provisional) Results (Fair Disclosure)' data announced by Air Busan on the morning of the 4th, the company posted sales of 213.1 billion KRW, operating profit of 47.8 billion KRW, and net profit of 15.7 billion KRW for the first quarter of 2023.

This represents a 319% increase compared to sales of 50.8 billion KRW in the same period last year, marking the highest quarterly sales and profit in Air Busan's history. This profit is the first in 16 quarters since the first quarter of 2019.

Air Busan's remarkable performance improvement is also evident in its record-high operating profit margin. Compared to the first quarter of 2019, when the company achieved its highest sales to date, sales increased by 22%, while operating profit rose by 771% and net profit by 729%.

Air Busan 'New Take-off 2023' image.

Air Busan self-assessed that with both sales and profits increasing significantly, it has not only stabilized its business normalization but also begun a full-fledged leap forward. The factors behind the performance improvement include ▲relaxation 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, while maintaining its competitiveness in Busan, Air Busan explained that since the second half of last year, it has actively entered the metropolitan area market by launching eight routes from Incheon to Japan and Southeast Asia, quickly establishing itself in the market and enhancing the company's value.

The establishment in the metropolitan market is also confirmed by 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.

Considering that flights on Japanese routes fully resumed in October last year, this shows a clear upward trend. An Air Busan official expressed confidence that, in addition to the main Japanese routes, if the opening of Chinese routes progresses actively in the future, additional sales growth will be possible through supply expansion.

An Air Busan official said, “The strategy of prioritizing operating profit by operating flexible routes and improving sales productivity through efficient aircraft operation was effective. Going forward, we will respond promptly to market conditions and changes in travel demand, and continue to increase company value through solid growth and sustained competitiveness.”

This content was produced with the assistance of AI translation services.