spot_img
26.7 C
Philippines
Saturday, March 2, 2024

Cebu Pacific swung to P1.3-b net income in Q3

- Advertisement -

Cebu Pacific (CEB) said Monday it posted a net income of P1.3 billion in the third quarter, a turnaround from last year’s net loss of P2.5 billion.

“CEB continued its financial recovery in the third quarter, and we remain optimistic on its future growth” said Cebu Pacific chief finance officer Mark Cezar.

The airline generated P23.3 billion in revenue in the third quarter, up by 39 percent year-on-year and 23 percent above same period in 2019. This was on the back of over 5.3 million passengers flown onboard 35,000 flights, which were 27 percent and 18 percent higher year-on-year, respectively.

Seat load factor improved to 83.7 precent, or 9.7 percentage points higher year-on-year.

The airline grew its international operations and flew over 1.3 million passengers in the quarter, a 228-percent increase year-on-year.

- Advertisement -

Cebu Pacific’s international network recovery continued to gain traction, especially with the opening of more North Asian countries such as Japan, Taiwan and Hong Kong.

Meanwhile, domestic travel remained strong. The airline flew 4 million domestic passengers in the third the quarter, up 5 percent year-on-year and already above pre-pandemic levels.

Cebu Pacific saw a notable increase in travel demand in the third quarter, attributable to the change in school calendars, which shifted graduation and school breaks towards the months of June to August.

This strengthened travel demand not only for domestic, but also for international markets, particularly evident on routes with high OFW population. With Joel E. Zurbano

Operating expenses totaled almost P21 billion, both higher than last year and 2019 by 5 percent and 16 percent, respectively. These increases were attributed to higher fuel costs and fleet-related expenses resulting from the addition of more aircraft.

Operating income reached P2.4 billion, a reversal from last year’s operating loss of over P3 billion, and 170 percent above the 2019 level. With Joel Zurbano

- Advertisement -

LATEST NEWS

Popular Articles