T'way Air targets W3tr in sales by 2027 on expanded fleet

T'way Air, a South Korean low-cost carrier, said Thursday it targets to achieve 3 trillion won ($2.5 billion) in sales by 2027, as it aims to expand its fleet and serve long-haul routes.

T'way Air added an A330-300 chartered plane last month for operations on the Gimpo-Jeju route from later this month, with two more A330-300s scheduled to arrive by May.

"We are planning to operate 20 large-sized planes and 30 mid- and small-sized ones by 2027 to achieve the (3 trillion won) sales target. To achieve the aim, we plan to offer flights on the routes to Paris, Rome, Istanbul and London," T'way Air Chief Executive Jeong Hong-geun said in a press event.

T'way Air posted 269.2 billion won in sales in 2020, sharply down from 810.6 billion won a year earlier, due to the COVID-19 pandemic.

T'way Air suspended most of its international routes in March 2020 as countries strengthened their entry restrictions amid virus fears.

For the whole of 2020, its net losses deepened to 137.87 billion won from 43.21 billion won a year earlier. Its sales figure for the year of 2021 has yet to be released.

To prepare for the post-pandemic demand, the company will bring an average of four large planes a year through 2027 while planning to introduce two 737-8 passenger jets, or 737-800 MAX planes, in the fourth quarter, a company spokeswoman said.

The budget carrier has one A330-300 and 27 B737-800 chartered planes, and currently serves four international routes to Saipan and three Chinese cities -- Yanji, Wuhan and Jinan -- and six domestic routes. It served 47 international and three domestic routes in January 2020. (Yonhap)