News
Cebu Pacific posts US$476.1 million annual loss
March 25th 2022
Cebu Pacific has reported a 24.9 billion peso (US$476.1 million) net loss for the 12 months to December 31, 2021 against a net loss of 22.2 billion peso in the same months in 2020. Read More » Revenue declined 30%, to 15.7 billion peso, Cebu Pacific said in a regulatory filing to the Philippine stock exchange. The LCC said new COVID-19 variants and a surge in infections that led to stay-at-home orders impacted its operational and financial performance. But management was encouraged by strong domestic demand and confirmed bookings had been increasing steeply in the last few months, the carrier added. "With this trajectory, Cebu Pacific anticipates recovery to its pre-COVID domestic capacity levels by the second quarter of 2022," the carrier said.
