Cebu Air Inc., the operator of Cebu Pacific and Cebgo, on Wednesday reported a 50.9-percent increase in net loss in the first six months amid the global pandemic.
The airline unit of the Gokongwei Group said net loss reached P13.79 billion in the January-to-June period, higher than P9.14 billion in the same period last year. Revenues fell 66 percent to P5.90 billion from P17.33 billion a year ago.
“The overall decline in revenues was brought about by the impact of the COVID-19 outbreak which started with cancellation of flights to China, Hong Kong, Macau and South Korea in varying periods in early 2020 due to the imposition of travel restrictions,” CEB said.
Passenger revenues dropped 82.4 percent to P2.03 billion from P11.50 billion generated a year earlier, passenger volume decreased 73.4 percent from 4.5 million to 1.2 million. Cargo revenues grew 26.7 percent to P2.81 billion, while ancillary revenues fell 70.6 percent to P1.059 billion.