Jeju Air’s Q3 net profit rises 59 percent on strong travel demand

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Jeju Air’s Q3 net profit rises 59 percent on strong travel demand

Published: 06 Nov. 2024, 12:47 Updated: 06 Nov. 2024, 19:03

A B737-800 passenger jet [JEJU AIR]

Jeju Air, Korea's biggest low-cost carrier, said Tuesday its third quarter net profit jumped 59 percent from a year earlier on increased travel demand on short and mid-haul routes.

Net profit for the three months to September soared to 43.08 billion won ($31 million) from 27.07 billion won during the same period of last year, the company said in a statement.

"Increased flights on routes to Japan and Southeast Asia helped buoy the quarterly bottom line," it said.

Operating profit fell 11 percent to 39.52 billion won in the third quarter from 44.39 billion won a year ago due to a weak won that drives up dollar-denominated fixed costs.

The dollar rose to an average of 1,359.38 won in the September quarter from 1,310.95 won a year ago, according to data from the Bank of Korea.

Sales were up 5.3 percent to 460.17 billion won from 436.81 billion won during the cited period.

From January to September, net income fell 32 percent to 64.82 billion won from 95.18 billion won in the year-ago period.

Yonhap