Expansion costs drag Cebu Pacific 2024 income to P5.4B

MANILA, Philippines – Cebu Pacific saw its net income drop by 32 percent to P5.4 billion last year due to costs related to aircraft fleet expansion.

Revenues, however, grew by 16 percent to P104.9 billion as passenger volume climbed by 18 percent to 24.5 million passengers last year.

The Gokongwei-led airline took deliveries of 17 aircraft last year.

“Strategic investments in our fleet and hubs have been key to Cebu Pacific’s growth,” Cebu Pacific chief finance officer Mark Cezar said.