Jeju Air posts 54.9 billion won operating profit in third quarter
Key Facts
Jeju Air said on November 3 that revenue reached 489.6 billion won in the third quarter of 2026, up 32.2% year on year and 10.8% from the second quarter, according to preliminary, separate-basis results. The company posted an operating profit of 54.9 billion won, reversing operating losses of 59.9 billion won in the third quarter of 2025 and 52.4 billion won in the second quarter of 2026. Net profit was 203.2 billion won, compared with a net loss of 64.8 billion won in the same period a year earlier. The results returned the company to operating profitability after two consecutive quarterly losses in the comparable periods. Net profit also exceeded operating profit by a wide margin, with gains from aircraft sales and improved foreign-exchange items contributing to the bottom line.
ChosunBiz reported that improved foreign-exchange gains and losses related to the won’s decline against the dollar, along with gains from the sale of owned aircraft, helped lift net profit. These factors contributed to the net result, while operating profit was 54.9 billion won for the quarter. Net profit therefore presents a different picture from operating performance alone, as the bottom line was affected by foreign-exchange factors and asset sales. The report did not specify separate amounts for foreign-exchange gains or aircraft sales. The quarter-on-quarter comparison also showed higher revenue, up 10.8% from the second quarter, alongside a swing in operating profit from a loss to a profit.
The improvement extended to the first nine months of 2026, when cumulative revenue reached 1.4295 trillion won, up 36.0% from the same period a year earlier. The company posted cumulative operating profit of 66.9 billion won, after recording an operating loss of 140.6 billion won in the first nine months of 2025. These figures place third-quarter performance within a broader operating turnaround during the year. The year-on-year comparison also highlights the scale of cumulative revenue growth alongside the return to operating profitability. The cumulative figures were reported by ChosunBiz in its coverage of the announced results.
The company said the results were prepared under Korean K-IFRS standards on a separate basis and noted that the external auditor’s review was incomplete at the time of disclosure. It said in the disclosure that the review could lead to changes in the reported figures. The third-quarter results therefore remain preliminary pending completion of the external review. The notice covers the revenue, operating profit and net profit reported in the disclosure. The separate basis means the figures relate to the company on the accounting basis it reported, rather than consolidated group results.
The results come as Jeju Air continues its fleet modernization plan, according to its 2025 sustainability report. The company aims to take delivery of 15 new aircraft by the end of 2026, compared with eight aircraft at the end of 2025. The plan shows the average fleet age falling from 14.5 years across 41 aircraft at baseline to 12.7 years across 46 aircraft by the end of 2026. In its 2024 sustainability report, the company said B737-8 aircraft consume more than 20% less fuel and emit more than 20% less carbon than B737-800 aircraft. The plan set a target for newer aircraft to make up 42% of the fleet in fiscal 2026, with a full transition targeted by 2030.
Jeju Air shares closed at 5,830 won in the November 3 session, up 0.87% on the day, according to Investing.com data. The move records the share performance on the day the results were announced, without attributing the daily change to the disclosure. The data showed the session’s trading range was between 5,640 and 6,120 won. The close remained below the session high of 6,120 won. The share move coincided with the company’s announcement of preliminary third-quarter results.