Air Busan, the nation’s second-largest low-cost carrier, announced Sunday it would seek to double its sales to 700 billion won ($652 million) by 2018 to become the top short-haul flight in Asia.
When the company achieves this mid-term sales goal, its operating profit is forecast to grow to 40 billion won by 2018, the company added.
“For this future growth goal, the company will increase the number of carriers to 19 from the current 9 over the next four years,” the company said in a press release. The air routes that the carrier runs will also be increased to 23 over this time frame.
The Busan-based LCC, launched by its parent company Asiana Airlines in 2008, has continued to ink a surplus for four consecutive years since 2010, boosted by a surge of budget travelers.
In 2013, Air Busan posted 278 billion won in sales. Its operating profit stood at 5.4 billion won in the same period.
The company increased its 2014 sales target by 125 percent from 2013, to 350 billion won, while the firm expects its operating profit to surge 190 percent to 10 billion won.
Despite the increasing competition, LCCs, domestic or foreign, will continue to enjoy their business boom for the next few years, industry watchers added.
(
jyseo@heraldcorp.com)
