[Edaily Reporter LEE YUNHWA ] JEJUAIR, CO., LTD.(089590)posted an operating profit of 54.9 billion won in the third quarter of this year, emerging from the loss it recorded during the same period last year. Net income exceeded 200 billion won, driven by foreign exchange gains resulting from the decline in the won-dollar exchange rate and profits from the sale of aircraft in its fleet.

JEJUAIR, CO., LTD. announced its preliminary third-quarter 2026 standalone financial results in a regulatory filing on the 3rd. Third-quarter revenue totaled 489.6 billion won, a 32.2% increase from the same period last year (370.4 billion won). This also represents a 10.8% increase compared to the previous quarter (441.7 billion won). Cumulative revenue for the first three quarters reached 1.4295 trillion won, a 36.0% increase year-over-year.

Profitability improved significantly. Third-quarter operating profit was 54.9 billion won, marking a return to profitability from an operating loss of 59.9 billion won a year earlier. Considering that the company posted an operating loss of 52.4 billion won in the second quarter, this represents an improvement of over 100 billion won in just one quarter. Cumulative operating profit for the first through third quarters was 66.9 billion won, marking a turnaround from an operating loss of 140.6 billion won during the same period last year.

The improvement in net income was even more significant. Third-quarter profit from continuing operations before income taxes totaled 212.8 billion won, while net income stood at 203.2 billion won. In the third quarter of last year, the company posted losses of 83.7 billion won and 64.8 billion won, respectively. Cumulative net income also turned positive at 164.0 billion won, reversing a net loss of 100.8 billion won recorded during the same period last year.

In the non-operating segment, the decline in the exchange rate was the most significant factor. According to the Seoul Foreign Exchange Market, the won-dollar exchange rate on June 30—the last trading day of the second quarter—was 1,549.4 won based on the 3:30 p.m. closing price. In contrast, on September 30—the last trading day of the third quarter—it closed at 1,352.8 won. This represents a decline of approximately 196.6 won, or 12.7%, over the quarter.

The airline industry has a structure where foreign currency translation gains and losses improve when the exchange rate falls, as it carries a significant amount of dollar-denominated debt, such as aircraft lease obligations. It is understood that JEJUAIR, CO., LTD. also saw an increase in foreign currency-related valuation gains as the value of the won rose. Furthermore, with the inclusion of gains from the sale of aircraft held as assets, net income swelled to nearly four times the operating profit.