Korean LCCs market share now at 17%

South Korea's Ministry of Land Transport and Maritime Affairs reported the nation's four LCCs including Jeju Air, Jin Air, Air Busan and Eastar Jet now has a 17% market share in terms of passenger numbers (CAAC-News, 19-Oct-2010). The ministry reported the following LCC traffic for the nine months ended 30-Sep-2010:

• Passenger numbers:
  • Domestic: 5.2 million, +48.4% year-on-year;
  • International: 630,000, n/a;
• FY2010 forecast:
  • Passenger numbers:
    • Domestic: 6.7 million;
    • International: 800,000.

According to the ministry, the four LCCs returned to profitability in 3Q2010, reporting an operating profit of KRW4.9 billion (USD4.4 million) and a net profit KRW3.2 billion (USD2.9 million), on the back of KRW46 billion (USD41.1 million) in revenue.