Listed travel agency in the first half of this year‧The airline’s performance has somewhat deviated from the impact of COVID-19. Entry restrictions in countries around the world were quickly eased, and Korea also removed self-quarantine measures for overseas travelers and eased the conditions for testing for COVID-19. However, the loss might not be reduced, and the wage gap between workers increased depending on the company.
Breathtaking second quarter
The performance of listed travel agencies showed a rapid recovery as the second quarter entered.
In particular, companies focusing on the travel agency business have already surpassed last year’s sales or reached a similar level. The sales of Yellow Balloon and Very Good Travel in the first half were 4.833.32 billion won and 3.550.31 million won, respectively, higher than the total sales of 2021. paid out Compared to the first quarter, it is analyzed that overseas travel demand has definitely risen in the second quarter. The sales of the aforementioned four travel agencies in the second quarter all exceeded the level of the first quarter, and in particular, the yellow balloon made a good performance with a 7-fold increase in sales in the second quarter compared to the first quarter. However, the net loss of the yellow balloon increased from 3.539.9 million won in the first quarter to regarding 11 billion won in the second quarter.
Red Cap Tour showed the highest performance in terms of sales. In the first half of this year, following last year, Red Cap Tour recorded the highest sales among listed travel agencies with KRW 124.1155.6 billion. It was followed by Sejung (83.95 billion won) and Lotte Tourism Development (91.18 billion won). However, Red Cap Tour recorded 114.25 billion won in rental car business alone and 9.866 billion won in sales from the travel business. Sales of Sejoong and Lotte Tourism Development in the travel sector were 2.64 billion won and 3.763 billion won, respectively.
The airlines’ second quarter earnings were also better than the first quarter. Korean Air showed the highest performance in sales, operating profit, and net profit, especially in the second quarter. Although the cargo business still accounts for a larger portion, passenger demand is expected to increase gradually. Sales of other airlines also increased by as little as 24% to as much as 87% in the first quarter. However, it did not reduce the extent of the loss. With the exception of Korean Air, the other listed airlines recorded losses similar to those in the first quarter and might not get out of the swamp of losses.
Travel‧The second half of the aviation industry is not expected to be easy. As well as the spread of COVID-19, there are still obstacles that threaten the overseas travel industry, such as whether entry restrictions such as COVID-19 testing will be eased, and international oil prices, exchange rates, and the economy. Korean Air, which recorded the highest performance, also predicted that its recovery will be slower than initially expected due to the influence of external variables for the passenger business in the second half of the year.
A thirsty bankbook even if the salary rises
Travel‧The average salary per person of aviation industry workers increased slightly from last year, and the temperature difference among workers is expected to be large.
In the first half of last year, Korean Air’s average salary per person was 46.6 million won, the highest among listed travel agencies and airlines. Asiana Airlines continued to take second place with 26.33 million won, but the difference in the rate of increase compared to last year’s salary is clear. If the average salaries of both companies are set to be the same as in the first half of this year and simple calculations, the average annual salary per person is 93.21 million won and 52.67 million won, respectively, with a difference of 40.54 million won. Last year, the average salary difference between the two companies was 20.12 million won (Korean Air 69.13 million won, Asiana 49.01 million won), so it is double the difference. The average salaries of other airlines are also expected to increase slightly, except for Air Busan. However, it is estimated that the level will be lower than in 2019, before COVID-19.
Among travel agencies, the average salary per person at Red Cap Tour was the highest at 25.71 million won. It was followed by Hana Tour with 23 million won. When Hana Tour calculated the average salary in the second half of the year in the same way as in the first half, the average annual salary was +76.9% compared to last year, showing the highest increase rate. However, it should be taken into account that all employees who were on leave of absence were reflected in the average salary calculation in the first half of this year as all employees returned to normal work from October last year. This is because there is a limit to absolutely comparing the average salary and increase rate per person with companies that have not switched to a 100% work system.
