Cebu Pacific operator reports big net income last year

March 30, 2020

Cebu Air Inc. (CEB), the operator of Cebu Pacific and Cebgo on Monday, reported a 132.6 percent increase in net income last year due to higher passenger traffic.

The Gokongwei-led airline said net income amounted to P9.12 billion last year from P3.92 billion net income in 2018.

CEB posted revenues of P84.80  billion last yer, 14.4 percent higher than the  P74.11  billion revenues earned last year.

Passenger revenues went up by  13.7 percent to  P61.68  billion  last year from P54.260 billion posted in 2018.

“This was mainly attributable to the 10.8% growth in passenger volume to 22.5 million from 20.3 million last year as the Group increased capacity,” CEB said.

An increase in average fares by 2.6 percent  to P2,745 from P2,675 last year also contributed to the increase in revenues.

Cargo revenues grew by 4.6 percent  to P5.74  billion last year from P5.491 billion in 2018 following the increase in both yield and volume of cargo transported in 2019.

CEB  incurred operating expenses of P72.186 billion last year higher by 7.6 percent than the P67.064 billion operating expenses recorded in 2018.

Cebu Pacific and Cebgo suspended all their flights since March 19 until April 14 due to the enhanced community quarantine caused by the 2019 coronavirus disease (COVID-19). DMS