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Hong Kong Express Airways Ltd. plans to transform itself into a budget airline this year, joining the growing ranks of Asian carriers seeking to profit from the region’s boom in low-cost flights.

The full-service carrier’s president, Yang Jianhong, told The Wall Street Journal it aims to unveil in late May the details of its plan to turn the airline into a budget carrier by the third quarter.

“We see rapid growth potential for budget carrier services as penetration in Asia remains low compared with more developed markets in Europe and the U.S.,” he said.

Photo Credit: Hong Kong Express Boeing 737 lands in Hong Kong. Abhinav Gupta / Flickr