Cebu Air : Pacific’s Q3 revenue soars 419% from year ago
November 09, 2022 at 08:37 pm EST
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10 NOV 2022
Cebu Pacific's Q3 revenue soars 419% from year ago
Cebu Air, Inc. (PSE: CEB), the Philippines' leading carrier, generated P16.9 billion in revenue for the third quarter, up 419% from P3.2 billion in the same period last year, propelled by a strong recovery across its business segments.
Despite being a lean season, the continuous easing of travel requirements encouraged strong travel demand. For the third quarter, CEB has flown over four million passengers, a 489% increase versus third quarter last year.
The airline's seat load factor also improved to 74% from 57.5% last year. This consequently resulted in the growth of passenger and ancillary businesses by 724% and 725% year-on-year, respectively. Likewise, cargo business continued to sustain as it posted revenue of at least P2 billion, 41% higher than last year.
Operating expenses grew 112% year on year, as the airline faced significantly higher jet fuel prices, coupled with the peso depreciation. Nonetheless, net loss narrowed from P8.2 billion in the same quarter last year to P2.5 billion.
CEB flew over 30,300 flights in the third quarter, 318% more than the same quarter last year. CEB ramped up its international network as it resumed flights to Sydney and Brunei. Routes such as Cebu-Singapore and Cebu-Incheon also resumed, which signaled the restart of easier international travels for passengers in the Visayas and Mindanao. For the rest of the year, the airline continues to expand its international footprint as it adds more flights to destinations such as Bali, Bangkok, Fukuoka, Hanoi, Ho Chi Minh, Hong Kong, Jakarta, Kuala Lumpur, Singapore, and Taipei.
"We are encouraged by some notable improvements in our numbers amidst the ongoing challenges related to fuel and foreign exchange rates. We remain cautiously optimistic that through our ongoing initiatives, coupled with a sustained increase in passenger traffic, we will soon see better days ahead," said Mark Cezar, Chief Financial Officer at Cebu Pacific.
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CEBU Air Inc. published this content on 10 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2022 01:36:01 UTC.
Cebu Air, Inc. is a Philippines-based airline company that operates under the trade name Cebu Pacific and Cebu Pacific Air. The Company is engaged in the business of providing air transportation services. It is involved in the transportation of passengers, mail, merchandise, and freight, and to acquire, purchase, lease, construct, own, maintain, operate, and dispose of airplanes and other aircraft of every kind and description. In addition to passenger service and airport-to-airport cargo services, the Company also offers ancillary services, such as travel insurance, in-flight merchandise, baggage, and travel-related products and services. It operates in two segments: the airline business and the line and light maintenance business. It operates a fleet of 76 aircraft, which comprises of 21 Airbus A320 CEO, seven Airbus A321 CEO, nine Airbus A320 NEO, 10 Airbus A321 NEO, five Airbus A330 CEO, four Airbus A330 NEO, six ATR 72-500, and 14 ATR 72-600 aircraft.
CEBU AIR, INC. 
