T'way 3Q Operating Loss of 7.1 Billion KRW... Two Consecutive Quarters of Deficit

Increased Costs Due to Expansion of European Routes
Reduced Deficit and Expanded Revenue Scale

T'way Air recorded a loss in the third quarter as well, following the second quarter of this year. This is attributed to increased investments and expenses due to the expansion of long-haul routes.

T'way Air announced on the 15th that its standalone sales for the third quarter of this year reached 395 billion KRW, with an operating loss of 7.1 billion KRW. Although sales increased by 14.5% compared to the same period last year, the company turned to a loss. Additionally, net profit of 15.1 billion KRW in the third quarter of last year shifted to a net loss of 3.1 billion KRW this year.

Following an operating loss of 22 billion KRW and a net loss of 25.3 billion KRW in the second quarter of last year, the company recorded losses for two consecutive quarters. However, the deficit narrowed. T'way Air explained, "The cost of sales rose due to multifaceted investment increases related to the preparation and operation of long-haul routes."

Earlier, T'way Air began operating four European routes transferred from Korean Air as it pursued the acquisition of Asiana Airlines, starting from the third quarter of this year. In August, it launched flights to Rome, Italy, and Paris, France, and in September, it started operating the Barcelona, Spain route.

Despite recording losses, the sales scale grew. The 395 billion KRW sales in the third quarter is the highest on record for the third quarter since the company's founding in 2003. T'way Air expects, "With the stabilization of long-haul routes, we will gradually increase performance going forward."

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