T'way Air said in a filing on Nov. 14 that it tentatively posted an operating loss of 95.5 billion won in the third quarter, 16 times larger than a year earlier.
Revenue for the same period rose 13.9% to 449.8 billion won, while net loss came to 124.7 billion won, 57 times that of a year earlier, on a tentative basis.
T'way Air said the increase in cost of sales was driven by higher investment for expanding new routes to Europe and on medium- and long-haul services, including aircraft additions and more parts, equipment, and personnel.
It also noted that a stronger exchange rate increased aircraft lease fees and maintenance expense, which negatively affected results.
A T'way Air official said, "We aim for gradual earnings growth by securing the airline's competitiveness through route diversification," adding, "We will also enhance customers' travel convenience and benefits by boosting brand synergy with Sono Hospitality Group."