Cebu Air Inc. said Wednesday it expects to return to profitability in the first quarter of 2023 following three-year losses amid to COVID-19 pandemic.
“By first quarter, we aim and we hope to be profitable. That will be the first quarter [of profitability] since the first quarter of 2020. We had a loss for the first quarter of 2020,” Cebu Pacific president and chief commercial officer Xander Lao told reporters.
“We are also hoping for a full-year net income,” he said.
The airline unit of the Gokongwei Group posted a net loss of P12.04 billion from January to September last year, down by 45.2 percent from P21.99-billion loss it booked in the same period in 2021.
CEB said revenues surged 310.2 percent to P37.53 billion in the first nine months of 2022 from P9.15 billion a year earlier. The airline is allotting P42 billion in capital expenditures this year, higher than the P32.8-billion capex in 2022.