Cebu Pacific swings to profitability in Q1

Listed Cebu Air Inc., the operator of budget carrier Cebu Pacific, bounced back to profitability during the first quarter of 2023 on the back of strong passenger and ancillary revenues.

In a disclosure to the Philippine Stock Exchange on Friday, Cebu Air reported a net income of P1.1 billion for the January to March period.

This is a reversal from a P7.6 billion net loss in the same period last year.

Cebu Air said that this is the airline’s “first profitable quarter since the pandemic, as it generated total revenues of P20.9 billion, 211% higher than the first quarter last year.”

The airline said the growth was largely driven by recovery of its passenger business, which generated P14.3 billion, 352% higher year-on-year.

This was followed by ancillary business which generated P5.46 billion, up 221% year-on-year.

Cebu Air said it flew over 4.8 million passengers in the first quarter, 135% higher year-on-year, which drove the seat load factor to jump to 83%, up 13 percentage points year-on-year. 

The airline added it flew 32,000 flights in the first quarter, up 94% year-on-year.—AOL, GMA Integrated News