Jeju Air Co. said Tuesday it swung to a net profit in the second quarter from a year earlier on unleashed travel demand after the lifting of most COVID-19 restrictions.
South Korea's leading low-cost carrier shifted to a net profit of 19.9 billion won (US$15 million) in the three months ended in June from a net loss of 55.7 billion won during the same period last year, the company said in a statement.
"The company absorbed pent-up travel demand after the reopening of major (Asian) routes by flexibly readjusting its flights depending on market demands and conditions following the pandemic," it said.
The budget carrier also swung to an operating profit of 23.1 billion won in the second quarter from an operating loss of 55 billion won a year ago.
Sales nearly tripled to 369.8 billion won from 125.1 billion won during the same period.
From January to June, the carrier shifted to a net income of 68.1 billion won from a net loss of 120.6 billion won in the year-ago period.
Jeju Air currently operates six domestic routes and 50 international routes using 38 B787-800 passenger jets. It plans to add two B737-8 passenger jets later this year.
This year, it aims to turn around after posting net losses for four consecutive years through 2022.
Source: Yonhap News Agency