"Off-Season Overseas Travel Demand Increases"... Hana Tour Returns to Profit in Q2 (Comprehensive)
Operating Profit 4.1 Billion Won... Improved Performance Following 5.6 Billion in Q1
Increase in European and Chinese Travelers to Japan and Southeast Asia
"Expectations High for Traditional Peak Season in Q3"
Hana Tour continued its profit trend in the second quarter of this year as demand for overseas travel rapidly increased following the transition to the endemic phase (periodic outbreak of infectious diseases).
Hana Tour announced on the 9th that its consolidated operating profit for the second quarter of this year was 4.1 billion KRW, marking a turnaround from an operating loss of 33.7 billion KRW in the same period last year. Sales increased by 282.1% year-on-year to 82.4 billion KRW, and net profit turned positive to 19.8 billion KRW.
In the second quarter, Hana Tour’s total number of outbound travelers was 554,000, and package tour travelers numbered 270,000, recovering to 43% and 36% respectively compared to the same period in 2019 before the COVID-19 outbreak. Although the second quarter is traditionally considered an off-season for travel, this year saw an increase in overseas travel demand compared to the first quarter’s total outbound travelers of approximately 542,000 and package travelers of about 260,000. The company explained that the increase in outbound travelers was due to growth not only in popular destinations such as Japan and Southeast Asia but also in travelers going to Europe and China.
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Earlier, Hana Tour succeeded in turning a profit in the first quarter with an operating profit of 5.6 billion KRW, marking the first profit in three years and six months since the third quarter of 2019, and the upward trend continued into the second quarter. A Hana Tour representative stated, "The third quarter includes the first summer peak season since COVID-19 and the Chuseok holiday, known as the golden holiday, so expectations for performance are even higher."
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