Budget carrier Cebu Pacific said Tuesday net loss shrank 43.78 percent last year amid the recovery of its passenger business.
The airline unit of the Gokongwei Group said net loss narrowed to P14 billion in 2022 from P24.9 billion in 2021.
Cebu Pacific said fourth-quarter net loss was reduced to P1.9 billion from P2.9 billion in the same period in 2021.
The airline recorded a 261-percent increase in revenues to P56.8 billion in 2022 from the previous year.
Passenger business led the steep recovery with growth of 459 percent year-on-year to P35.1 billion, on the back of higher travel demand, both domestically and internationally, coupled with the easing of various travel regulations.
The airline’s recovery accelerated in the fourth quarter of 2022. Total revenues went up 192 percent year-on-year to P19.2 billion in the quarter.
It said while 2022 brought optimism on the demand front, its profitability remained challenged by the economic environment, as jet fuel prices spiked and the peso depreciated versus the dollar.
Cebu Pacific said it remained confident in its ability to overcome challenges, while remaining true to its commitment to enable everyone to fly.
“CEB is ready to move forward with optimism and confidence as we transition from recovery to growth mode. We remain committed to enabling everyone to fly and look forward to welcoming even more passengers onboard in the coming months,” said Cebu Pacific chief executive Mike Szucs.
