Jeju Air Reports Third Quarter Operating Profit of 54.9 Billion Won

Jeju Air has successfully rebounded in its financial performance, aided by a decline in exchange rates (appreciation of the Korean won).
 
The airline announced on November 3 that it recorded a standalone revenue of 489.6 billion won and an operating profit of 54.9 billion won for the third quarter of this year.
 
Revenue increased by 32.3% compared to 370.4 billion won in the same period last year, and the company turned around from an operating loss of 59.9 billion won during the same period last year. In the previous quarter, Jeju Air also reported an operating loss of 52.4 billion won.
 
Several factors contributed to this financial turnaround. First, the decline in the won-dollar exchange rate improved foreign exchange gains. Airlines benefit from lower costs when the won strengthens against the dollar, as expenses for jet fuel and aircraft leasing are paid in dollars.
 
Additionally, profits from the sale of aircraft assets have also played a role. Jeju Air has accelerated aircraft sales as part of its fleet modernization strategy. This year, the airline sold two aircraft it had purchased previously. It also plans to sell three Boeing 737-800NG aircraft acquired in 2018 to overseas airlines.
 
As a result, the net loss of 64.8 billion won in the third quarter of last year has turned into a net profit of 203.2 billion won for the same period this year.