T'way Air Achieves Operating Profit of 139.4 Billion KRW Last Year, Turning to Black... Records Highest Sales Ever

T'way Air announced on the 29th that it succeeded in turning its operating profit positive last year, thanks to the expansion of its international routes. Its sales revenue reached an all-time high.

T'way Air disclosed on the same day that its consolidated operating profit last year was 139.4 billion KRW, marking a turnaround from a loss the previous year. Sales increased by 157% year-on-year to 1.3488 trillion KRW, the largest scale since the company's founding. Net profit also turned positive, reaching 100.2 billion KRW.

T'way Air explained that passenger revenue increased due to a surge in travel demand to Japan and Southeast Asia after COVID-19. Additionally, the introduction of the medium-to-large aircraft A330-300 in 2022 contributed to boosting sales by enabling smooth landings on medium- and long-haul routes such as Sydney and Singapore. The continuous expansion of new international routes from regional airports like Cheongju was also one of the factors behind the sales growth.

The total number of passengers transported by T'way Air increased from 7.94 million in 2019 to 9.92 million in 2023, ranking second among domestic low-cost carriers (LCCs).

T'way Air will begin full-scale expansion of medium- and long-haul routes, including becoming the first domestic LCC to operate flights to Zagreb, Croatia, in May. It also plans to prepare for the transfer of four European passenger routes (Paris, Frankfurt, Rome, Barcelona) following the corporate merger between Korean Air and Asiana Airlines.

At the board meeting held on the same day, T'way Air decided to submit the agenda item "Approval for the Transfer of Capital Surplus to Retained Earnings" to the upcoming regular shareholders' meeting next month as a preliminary step to implementing shareholder-friendly measures.

As of the end of last year, T'way Air's capital surplus stood at 345.3 billion KRW. If this is used to fully cover accumulated losses, it will enable future shareholder dividends and share repurchases.

A T'way Air official stated, "This year, including two A330-300 aircraft, we will introduce a total of seven aircraft to proactively capture overseas travel demand and pursue customer-first management."

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