News
Cebu Pacific reports US$52 million nine-month profit
November 16th 2018
Philippine LCC, Cebu Pacific Air, this week reported a net profit of PHP2.78 billion (US$52.3 million) for the first nine months to September, down 37% year-on-year, despite incurring a US$9.6 million net loss in the third quarter, which the carrier said was the result of soaring fuel costs and a strong US dollar. Read More »
The Cebu Pacific Group, which includes subsidiary carrier CebGo, generated revenues of PHP54 billion in the nine months to September 30, 7.4% higher than in the comparable year-ago period. Passenger revenues grew 7.1% and cargo earnings soared 24.6%, to PHP4.1 billion.
The airline’s operating costs grew 15.8% in the first nine months, to PHP49.9 billion. Fuel costs rose 28.3%, to PHP18.7 billion.
Cebu Pacific added five A321ceo and three ATR 72-600s to its fleet to September 30 and has announced it would lease five A320neo from Avolon in 2019. The airline also has 32 A321neo on direct order from Airbus.
As of September 30, the carrier had 67 aircraft, comprising 36 A320ceo, aforementioned five A321ceo, eight A330-300s and 18 ATR 72s, with an average age of 5.1 years.
Earlier this month, Cebu Pacific began a daily Clark-Davao service as part of the airline’s Clark expansion strategy. From December 15, the LCC will launch a daily Clark-Tagbilaran route. By year-end, Cebu Pacific will have boosted ASKs from Clark by 75%, compared to 2017.
“Since our maiden Clark-Cebu route in 2006, we have never stopped operating in Clark and we have never left Clark. We have consistently maintained our presence in Clark, taking a measured pace of expansion. Through the years, Clark has proven its viability as a gateway to North and Central Luzon. We remain committed to being a partner in the development of the Clark Economic Zone though ramping-up our air connectivity,” said Cebu Pacific VP for safety and quality, Jomar Rodriguez.
Last month, the airline celebrated the 5th anniversary of its Manila-Dubai A330 route. Cebu Pacific said that since 2013 the Manila-Dubai service has become one of the strongest performers in the entire Cebu Pacific network, with load factors “consistently above 85%”.
Separately, Cebu Pacific and its local competitors are forced to cancel a select number of flights starting this Thursday to Tuesday as Manila’s Ninoy Aquino International Airport (NAIA) performs upgrades to its air traffic management and radar systems.
Flag carrier Philippine Airlines (PAL) has cancelled approximately 75 flights during the period; Cebu Pacific has announced approximately 36 cancellations. Among the Cebu Pacific flights cancelled are international services to Guangzhou, Hong Kong, Saigon, Macau, Xiamen, Kota Kinabalu, Siem Reap and Bandar Seri Begawan.
