News
CEB reports US$152.4 million first quarter loss; raises US$250 million in fresh liquidity
May 11th 2021
Cebu Pacific (CEB) yesterday reported a net loss of 7.3 billion pesos (US$152.4 million) for the three months to March 31, 2021, compared with a net loss of 1.2 billion pesos a year ago. Read More » Revenue collapsed 83%, to 2.7 billion pesos, the company said in a regulatory filing to the Philippine Stock Exchange. The LCC said the COVID-19 pandemic "could have a material impact on the group’s financial results for the rest of 2021 and even periods thereafter".
CEB has raised US$250 million through the sale of convertible bonds to the International Finance Corporation (IFC), the IFC Emerging Asia Fund and Indigo Philippines LLC, an affiliate of Indigo Partners LLC. The funds will offer a "longer liquidity runway" to help the company withstand the effects of the pandemic, CEB said. “This will further strengthen CEB as we recover and continue fulfilling our commitment to improve the lives of people in the communities we serve for a long time to come," CEB CEO, Lance Gokongwei, said in a statement.
