The three low-cost airlines accounted for 14.9% of the country’s international flights last year.“We need to improve those LCCs’ competitiveness and cost efficiency through integrated operations,” said a Korean Air official.“The three carriers will discuss when to launch the combined entity.”The current local No.1 budget airline Jeju Air Co.with a fleet of 42 aircraft reported revenue of 1.7 trillion won with an international passenger flight market share of 10.8% in 2023.
South Korea’s largest resort operator Sono Hospitality Group bought stakes in T’way and Air Premia to become their second-largest shareholder.“Sono has been keeping an eye on airlines to expand its businesses,” said an LCC industry source.“Sono is expected to become T’way’s top shareholder by purchasing its stocks in the market anytime as its stake is not much smaller than the current No.1 shareholder YeaRimDang Publishing Co.,” said the source.“If Sono with deep pockets takes management control of T’way, that will share the entire LCC industry.”By Jin-Won Kimjin1@hankyung.com Jongwoo Cheon edited this article.
Korean Air Lines Co.'s prospective acquisition of Asiana Airlines Inc.is expected to spur domestic budget carriers to seek combinations as the merger of the two domestic aviation industry leaders is predicted to create the country’s largest low-cost carrier (LCC).
The story "Korean Air-Asiana merger to spur M&A among budget carriers" has 439 words across 15 sentences, which will take approximately 2 - 4 minutes for the average person to read.
Which news outlet covered this story?
The story "Korean Air-Asiana merger to spur M&A among budget carriers" was covered 4 hours ago by Korea Economic Daily, a news publisher based in South Korea.
How trustworthy is 'Korea Economic Daily' news outlet?
Korea Economic Daily is a fully independent (privately-owned) news outlet established in 1964 that covers mostly economy news.
The outlet is headquartered in South Korea and publishes an average of 9 news stories per day.
It's most recent story was published 1 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
