News
Largest Philippines airline returns to the black
May 8th 2023
Cebu Pacific (CEB) has reported a net profit of 1.1 billion peso (US$19.5 million) for the three months to March 31, returning to profitability from a net loss of 7.6 billion peso in the same months in 2022. Read More » The company's first quarterly profit since the outbreak of the pandemic was achieved with stronger revenues, lower fuel costs and foreign exchange gains. Revenue more than tripled to 20.9 billion peso, CEB said in a regulatory filing, although costs were up 63%, at 19.7 billion peso. The LCC is forecasting its international capacity will exceed 2019 levels in the quarter to June 30. Domestic flying already is above pre-pandemic levels and is forecast to expand in the current quarter, it said. “CEB predicts it will exceed its pre-pandemic capacity on a system-wide basis. The optimistic outlook is supported by the tourism industry continuing to recover and the strengthening of its Clark and Cebu hubs,” an airline statement said.
