In the domestic aviation industry, the performance of full-service carriers (FSCs) and low-cost carriers (LCCs) last year has been highly divergent. While overall revenue increased due to rising travel demand, operating profits declined due to high exchange rates and high oil prices. However, Korean Air stood out with improved performance, driven by its specialized strategy in both passenger and cargo sectors. Going forward, competition in the cargo sector among airlines is expected to intensify.

According to industry sources on the 9th, Korean Air achieved its highest-ever performance, surpassing 16 trillion won in annual revenue, thanks to growth in both passenger and cargo sectors. The airline's annual revenue reached 16.1166 trillion won, and its operating profit was 1.9446 trillion won. This represents increases of 10.6% and 22.5%, respectively, compared to the previous year. The revenue is the highest level since the company was founded in 1969. The company's annual net profit also surged by 36.8%, reaching 1.2542 trillion won, up from 916.8 billion won the previous year.

The growth of Korean Air can be attributed to its expansion of long-haul international routes and the increase in air cargo rates. Last year, Korean Air's international passenger count rose by 26.5% to 17.694 million, while its international cargo volume increased by 9.5% to 1.604 million tons.

On the other hand, the LCC (Low-Cost Carrier) industry has faced difficulties due to intensified competition on short-haul international routes, high exchange rates, and rising oil prices. One of the main factors behind the poor performance is that LCCs lack the competitiveness in air cargo, compared to FSCs.

Jeju Air is expected to release its results for last year on the 10th. The industry anticipates that Jeju Air's revenue will increase by about 11%, reaching 1.8 trillion won. However, its operating profit is expected to decrease by 15.3%, falling to 137 billion won. Particularly, Jeju Air, which celebrates its 20th anniversary this year, faces its biggest crisis following the tragic incident involving one of its passenger planes at the end of last year. Similarly, T'way Air is expected to see a 13% increase in revenue, reaching 1.53 trillion won, but its operating profit is predicted to drop by 63%, amounting to 51 billion won.

The LCC (Low-Cost Carrier) industry is focusing on air cargo business as a breakthrough for enhancing profitability and is accelerating efforts to secure competitiveness. This is driven by factors such as demand from China's e-commerce sector and the rise in sea freight rates due to the Red Sea crisis.

Eastar Jet began cargo operations on the Incheon-Bangkok route on January 15. The airline primarily transports e-commerce products, electronics, auto parts, clothing, and fruits, and plans to expand its cargo routes starting next month to destinations such as Tokyo, Osaka, Taipei, Shanghai, and Zhengzhou.

T'way Air has been utilizing the belly cargo space in its long-haul aircraft to transport both passengers and cargo. Belly cargo space refers to the unused space in the lower part of a large passenger aircraft, and T'way Air has been filling this space with cargo to boost its performance.

Air Premia recorded a net cargo volume of 23,425 tons last year, marking a roughly 20% increase compared to the previous year's 18,739 tons. Since 2021, when the airline's net cargo volume was just 35 tons, Air Premia has steadily grown its cargo business, reaching 6,356 tons in 2022 and 18,739 tons in 2023.

Air cargo transport volume has been steadily increasing. According to the Ministry of Land, Infrastructure, and Transport's Air Portal system, the total international air cargo volume last year reached 4.19 million tons, representing a 12% increase compared to 3.74 million tons in 2023. LCCs (Low-Cost Carriers) recorded a sharp increase in their cargo volume, growing from 18,668 tons in 2020 to 127,342 tons last year.

An industry insider noted, "For LCCs, passenger demand isn't their main revenue source, so diversification of business is necessary. With increasing demand for overseas e-commerce goods from places like China, they are now actively engaging in the cargo transport business." The insider added, "In the future, it seems that airlines will seek new revenue streams through business diversification across various sectors."

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