Incheon Airport said Monday that it is expecting to turn a profit in the first quarter this year for the first time in nearly three years, largely driven by increased management efficiency and the gradual recovery of international travel.

The exact earnings will be made available after mid-April, the airport said, adding that they are highly likely to see a profit, considering the January and February earnings as well as the estimated passenger revenue in March.

Following the outbreak of the COVID-19 pandemic, the airport took a downhill turn in response to the faltering demand in air travel. From 2020 to 2022, it logged 1.9 trillion won ($1.4 billion) in operating loss, an all-time low since it opened in 2001. The airport's debt rate spiked almost twofold to 92.8 percent compared to 2019.

Incheon Airport declared a management emergency in 2020 and has since strived towards management efficiency. It cut back on the expenses of under-prioritized projects by 264.2 billion won, and by 93.5 billion won in the marketing and event budgets.

In addition to the recent pick-up in travel demand due to eased COVID-19 restrictions for travelers, it boasted its efforts to maintain financial stability. In 2021, it issued $300 million worth of foreign bonds for the first time it started operation. The airport maintained the highest rating of AAA from the Korea Investors Service and topped the list of public institutions in Korea in international credit ratings as of January.

Even during the pandemic, the airport has continued to invest in infrastructure for the last three years, preparing for passenger business recovery. Despite crippling debts, it has renovated Terminal 1 and maintained an employment rate of more than 90 percent.

Based on the positive earnings for the first quarter, Incheon Airport plans to expand infrastructure to improve customer service. It has remodeled its short-term parking lot to hold 1,810 more vehicles. By the end of this year, long-term parking spaces will be available for 6,448 additional cars.

“Despite the most severe crisis we have faced, the airport will be turning a profit due to management stability as well as steady post-COVID forward-looking investments,” Incheon Airport CEO Kim Kyung-wook said in a statement. “We will make sure that 2023 will be the year that Inchon Airport becomes Korea’s best public institution again.”