BUDGET airline Cebu Pacific of the Gokongwei group has shelved plans to raise money by selling shares to the public.

According to airline officials, that the company still has enough revenue to cover the firm?s current expenses.

The company earlier announced plans to make an initial public offering (IPO) in 2008 to fund aggressive expansion plans.

However, the economic downturn in 2008 forced Cebu Pacific to withdraw its plans.

?We cannot comment yet on our plans to tap the equities market,? Cebu Pacific vice president for marketing and distribution Candice Iyog said in a recent interview.

?There is no pressing need to do so since Cebu Pacific?s operating cashflows are presently more than sufficient to meet our need for capital expenditures and operating funds.?

Cebu Pacific swung to profitability in the third quarter of the year, attaining a net income of P1.78 billion against a net loss of P1.87 billion in the same period in 2008.

The opening of additional routes, increase in flight frequencies and capacity expansion arising from the acquisition of three more Airbus A320 and five ATR72-500 turbo prop aircraft contributed to a double-digit rise in revenue that led to the turnaround.

?We will take advantage of low-cost Export Credit Agency supported aircraft financing to support our aircraft deliveries next year,? the company said.

The company has announced a $1-billion expansion plan that will result in the purchase of 17 new aircraft over the next five years, doubling the airline?s current fleet of 21 planes.

Cebu Pacific is the country?s largest domestic carrier.

Recently released government data showed the budget airline cementing its claim as the country?s leading domestic carrier with 5.35 million passengers in the period. This is 38.2 percent more passengers than what the airline carried in the same period last year.

This is also 15 percent more than those that boarded flag carrier Philippine Airlines (PAL), which ferried only 4.64 passengers.

?Bulk of the money the company plans to use for its acquisition of new planes would come from bank loans,? officials earlier said.

On the international side, Cebu Pacific president Lance Gokongwei earlier said the airline has a pending application to fly to Brunei and was considering other destinations, like Australia as well as new routes to Japan.

Following a more than P3-billion loss in 2008, the company expects to post healthy profits this year on the back of its growing passenger base and expanding revenue.