Low-cost South Korean airline T’way Air has reported a profit in its Q3 2023 figures, moving from a net loss of KRW -57.6 billion (USD $43.72 million) in Q3 2022 to a net profit of KRW 14.3 billion (USD $10.97 million) in the same period for 2023.
Overall, the airline’s net profit in the year to end of the third quarter 2023 stands at KRW 71,544 million (USD $0.85 million), compared to a loss of 118,672 million (USD $91 million) in 2022.
The southeast Asian market has proved the most profitable for the carrier, growing significantly from 1.9% to 34.1%, although domestic sales have shrunk from 51.3% to 18.3% compared to Q3 2022 levels.
T’way Air introduced its first three widebody aircraft, the A330, in 2022, in a move to diversify routes post-pandemic. It is also planning to introduce an additional seven aircraft (including the A330-300) next year, taking its total fleet to around 40. “We are enjoying the fastest growth in the industry thanks to our pre-emptive introduction of new aircraft,” an a airline spokesperson told The Korea Economic Daily, adding that the airline aims to sustain post-pandemic growth “through effective aircraft operations and route strategies”.
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