Cebu Pacific sets P42-B capex for 2023

Gokongwei-led Cebu Pacific is setting aside over P40 billion for its capital spending program this year, which will mostly be used for its fleet expansion initiative.

"We are looking at a P42 billion capex for 2023. Obviously, most of that would be aircraft-related," Cebu Pacific president Xander Lao said on the sidelines of a press conference in Makati City on Wednesday.

The airline said in December last year that it would increase the number of planes in its fleet in 2023 as it bets on the continued improvement of air travel.

During the event, Cebu Pacific vice president for marketing and customer experience Candice Iyog said the airline has restored 100% of its pre-pandemic capacity for both domestic and international destinations.

The company expects to return to profitability as early as the first quarter of 2023.

As of the third quarter of 2022, Cebu Pacific booked a net loss of P2.5 billion, down from P8.2 billion in the same period a year ago, as revenues grew amid a rise in passengers flown during the period. —VBL, GMA Integrated News