Cebu Pacific Air (CEB) has reported a net profit of P1.1 billion for the first quarter, bouncing back from a net loss of P7.6 billion in the same period last year. This marks CEB’s first profitable quarter since the pandemic and is largely due to strong passenger and ancillary revenues.
Total revenues for the first quarter were P20.9 billion, a 211% increase from the same period last year. The passenger business generated P14.3 billion, up 352% year-on-year, while ancillary business generated P5.46 billion, up 221% year-on-year.
CEB flew over 4.8 million passengers in the first quarter, a 135% increase from the previous year. The seat load factor also increased to 83%, up 13 percentage points year-on-year.
Operating expenses increased by only 63%, thanks to increased utilization of aircraft and operating systems and higher productivity of crew and personnel. Operating income turned positive to P1.24 billion in the first quarter from an operating loss of P5.34 billion in the same period last year.
CEB remains the largest airline network in the Philippines, flying to 34 local and 24 international destinations by the end of the first quarter. The domestic network was already operating above pre-pandemic levels during the first quarter, while the international network continued to gain traction following the easing of travel requirements of north Asian countries.
CEB expects to exceed its pre-pandemic capacity on a systemwide basis in the second quarter, supported by an optimistic outlook as the tourism industry continues to recover and the strengthening of its Clark and Cebu hubs.
Leave a comment