Seoul – Two major airlines, Korean Air (KAL) and Cebu Pacific (CEB), have expressed optimism about the continued rise in travel demand, projecting that pre-pandemic levels could be surpassed by 2024. On Tuesday, Korean Air reported a 76 percent increase in passenger business revenue for the third quarter, amounting to approximately 2.55 trillion Korean won. The airline attributed this significant rise to robust demand during the peak season, particularly the first summer and Chuseok holiday post-pandemic.
According to Philippines News Agency, In its financial report, Korean Air forecasted a sustained increase in passenger demand in the fourth quarter. The airline is focused on maximizing profits by securing new demand and operating additional special flights. For the third quarter, KAL's revenue reached 3.86 trillion won, marking a 5 percent increase year on year. Meanwhile, Cebu Pacific, a low-cost carrier based in the Philippines, also shared a positive outlook for the fourth quarter. The Gokongwei-led airline reported a 55 percent domestic market share in October. CEB chief executive officer Michael Szucs stated, "By the end of the year, our systemwide network is expected to be at 103 percent of pre-pandemic levels; domestic will likely exceed pre-pandemic levels, while international is projected to be around 93 percent."
Szucs added that by year-end, CEB expects to service 60 destinations through over 100 routes and at least 2,700 weekly flights. The airline is also planning an increase in seat capacity, estimated between 5 percent and 8 percent more in 2024. CEB is exploring various opportunities to enhance its fleet and operational resilience, including acquiring new and used aircraft and considering aircraft leases.