Air Seoul Reports Q1 Operating Profit of 26.9 Billion KRW... "Highest Quarterly Performance"
Air Seoul announced on the 16th that it achieved its highest sales and operating profit since its establishment in the first quarter.
Air Seoul recorded sales of 84.8 billion KRW and an operating profit of 26.9 billion KRW in the first quarter of 2023, achieving its best quarterly performance. Sales increased by 317% compared to the same period last year. The company turned to profitability in operating profit, with an operating profit margin reaching 31.7%.
In the fourth quarter of 2022, Air Seoul also achieved an operating profit of 7.9 billion KRW, marking a rapid turnaround in performance. The company explained that the main factor driving the improvement was its close response to changes in quarantine and immigration regulations following the easing of COVID-19 preventive measures, which aligned with shifts in international flight demand.
In particular, timely expansion of routes to Japan and a flexible route operation strategy considering profitability were effective. Since the resumption of visa-free entry to Japan in October last year, Air Seoul has added one domestic aircraft to international routes. The company actively expanded supply on high-demand routes such as Tokyo, Osaka, Fukuoka, Takamatsu in Japan, and Nha Trang and Da Nang in Vietnam, while focusing on attracting customers through various promotions.
In June, Air Seoul plans to launch flights to Zhangjiajie, for which it holds traffic rights, and in the second half of the year, it plans to expand routes in the Greater China region, including resuming flights to Hong Kong, diversifying its route portfolio.
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An Air Seoul official said, “We turned to profitability from the fourth quarter of last year and expect the company to achieve meaningful results this year,” adding, “We will fully commit to accelerating the performance turnaround and quickly stabilizing the company on a solid track.”
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