Cebu Pacific 1H net profit surges to $68m

Philippine budget carrier, Cebu Pacific (CEB) has reported a 33.7 per cent jump in Q2 2014 revenue, yearon- year, to P14.95 billion (US$340 million).


Cebu Pacific 1H net profit surges to $68m


Philippine budget carrier, Cebu Pacific (CEB) has reported a 33.7 per cent jump in Q2 2014 revenue, yearon- year, to P14.95 billion (US$340 million). Cargo revenues also posted an increase of 15.7 per cent as CEB carried 37 million kilogrammes of cargo, an increase of 17.7 per cent over the same period last year, while passenger revenues grew 36.3 per cent to PHP12 billion as passenger traffic grew by 19.7 per cent and load factors approached 88 per cent.

The strong second quarter built on healthy first quarter figures giving Cebu Pacific a net income for the first half of 2014 of PHP3 billion (US$68.2 million), an increase from PHP 257 million for the same period last year.

“Cebu Pacific Air’s net income growth in Q2 2014 was driven by increased passenger traffic backed by industry rationalisation. Yields also increased as we now fly longer sectors to more destinations including Dubai and Japan. As we served more passengers, we also noted a significant increase in ancillary revenues,” said Jorenz Tañada, CEB VP for corporate affairs.

CEB’s 50-aircraft fleet is comprised of 10 A319, 28 A320, four A330 and eight ATR-72 500 aircraft. Between 2014 and 2021, Cebu Pacific will take delivery of 11 more A320, 30 A321neo and three A330 aircraft.