SEOUL, South Korea's top low-cost carrier Jeju Air Co. said Tuesday it swung to a net profit in 2023 on the back of a post-pandemic recovery in travel demand. Net profit came to 130.8 billion won (US$98 million) last year, a turnaround from a net loss of 173.9 billion won the previous year, the company said in a regulatory filing. Sales spiked 145.4 percent on-year to 1.72 trillion won, with operating profit reaching 169.8 billion won, compared with a 177.5 billion-won operating loss a year earlier, Jeju Air said its 2023 top line and earnings hit all-time highs since the company was founded in 2006. The budget carrier attributed its stellar performance to its strategy of preemptively securing short- to mid-haul flight routes to respond to pent-up travel demand following the lifting of most COVID-19 restrictions. Last year, the company ranked No. 1 in terms of air traffic among flag carriers connecting South Korea to Japan, Guam, Saipan and the Philippines, according to data compiled by the transport mi nistry. Jeju Air said it will ramp up efforts to boost its cost competitiveness by purchasing next-generation planes instead of leasing them. Source: Yonhap News Agency