Jeju Air, a low-cost airline affiliated with Aekyung Group, hit record-high quarterly results on the first quarter of this year by posting sales of 240.2 billion won. The airliner said on April 26 in a regulatory filing that its sales revenue for the quarter was 240.2 billion won, up 38.6 percent from 173.2 billion won set in the same quarter last year.
The company posted an operating profit of 27.2 billion won, 73.7 percent higher than a year ago, and a net profit of 17.0 billion won. Its operating profit ratio was 11.3 percent.
It was the first time for Jeju Air to surpass 200 billion won in sales for the first quarter. The 240.2-billion-won sales revenue is higher than the previous high of 221.7 billion won set in the third quarter of last year. Its operating profit for the quarter also exceeded that of the first quarter 2015 (21.6 billion won).
A Jeju Air official explained, "Despite the adverse conditions such as the gradually rising oil prices and the unfavorable exchange rate, as well as the decrease in the number of Chinese tourists to Jeju Island, we could improve our bottom line by operating all the same Boeing aircraft that helped us realized the economies of scale."