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Cebu Pacific reports US$145.3 million first quarter loss
May 13th 2022
Cebu Pacific has announced a 7.6 billion peso (US$145.3 million) net loss for the three months to March 31 compared with a 7.3 billion peso net loss in the same months in 2021. Read More » Revenue jumped 147.6%, to 6.7 billion peso, as more passengers returned to the skies, Cebu Pacific said in a regulatory filing to the Philippine Stock Exchange. Costs were up 26.4%, at 12 billion peso, due to higher fuel costs. The company booked 2.52 billion peso in non-core losses, primarily due to foreign transaction of US dollar denominated loans and unrealized mark-to-market losses in the quarter. The LCC forecasts a better business outlook ahead driven by domestic recovery and the reopening of international destinations. However it “remains cautious about the risks presented by increasing jet fuel prices, higher interest rates and depreciation of the Philippine peso against the US dollar”, the LCC said.
