February 07, 2018 10:34
Low-cost airline Jeju Air saw its operating profit increase a whopping 74 percent to W101.3 billion last year, the company said Tuesday. Sales also jumped by 33 percent to W996.3 billion (US$1=W1,088).
The success comes in spite of challenging market conditions such as rising oil prices and shrinking demand from China in light of the country's unofficial boycott of Korean products.
The company attributed its success to expansion of routes and cutting expenses. Jeju Air has carried more than 50 million passengers since its launch in 2006.
"We plan to add eight more aircraft to our fleet, reaching a total of 39 by the end of this year," a spokesman said. "We will then add six to eight aircraft each year through 2020."
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