SEOUL, May 13 (AJP) - Budget carrier T'way Air posted an operating profit of 19.9 billion Korean won (US$14 million) in the first quarter of this year, returning to the black for the first time in eight quarters.
In a preliminary report released on Wednesday, the airline posted first-quarter revenue of 612.2 billion won, up about 37 percent from a year earlier, and an operating profit of 19.9 billion won, marking its first return to the black after eight consecutive quarters of losses.
The airline attributed the turnaround to strong demand on domestic and short-haul routes linking cities in Japan and Taiwan, as well as increasing passenger numbers on longer-haul routes to Europe, Australia, and the Americas.
T'way Air is also expanding its fleet. The airline, which currently operates 49 aircraft, added two Boeing 737-8 jets in the first quarter and plans to gradually acquire more fuel-efficient, lower-emission aircraft such as the Airbus A330-900neo later this year.
Its cargo business is also growing, with total cargo volume reaching about 9,000 metric tons in the first three months of this year. The airline said the planned procurement of larger aircraft is expected to further expand cargo capacity.
It also said it is making efforts to strengthen its safety and operations systems including the construction of its own aircraft maintenance facility and hangar at Incheon International Airport.
"The acquisition by Sono Trinity Group helped us restructure our operations and sharpen our competitiveness," said a T'way Air spokesperson. "Safety would remain our top priority as we work to improve our services."
Following the acquisition by the leisure and infrastructure company early last year, the airline recently agreed at a shareholders’ meeting to rename itself Trinity Airways. But its new name and logo will take effect only after approval from relevant aviation authorities.
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