Cebu Pacific back in the black, posted P1.1-B profit in Q1
MANILA -Cebu Air Inc reported a first-quarter net profit of P1.1 billion, bouncing from a P7.6-billion net loss in the same period last year, driven by its strong passenger and ancillary revenues.
This is CEB’s first profitable quarter since the pandemic, as it generated total revenue of P20.9 billion, 211 percent higher than the first quarter last year.
Revenue growth, according to CEB, was largely driven by the recovery of its passenger business, which generated P14.3 billion, 352 percent higher year-on-year. This was followed by ancillary business which generated P5.46 billion, up 221 percent year-on-year.
CEB flew more than 4.8 million passengers in the first quarter, up 135 percent year-on-year. This drove seat load factor to increase to 83 percent, up 13 percentage points year-on-year. It recorded 32,000 flights in the first quarter, up 94 percent year-on-year.
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. Operating expenses rose 63 percent.
The airline has the largest network in the Philippines, flying to 34 local and 24 international destinations by end of the first quarter. With 60 routes and more than 2,100 weekly flights, CEB’s domestic network was already operating above pre-pandemic levels during the first quarter. International network continued to gain traction following the easing of travel requirements of north Asian countries. CEB also resumed flights to Melbourne and Macau and restarted flights to Hong Kong from Cebu during the quarter.
