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Cebu Pacific returns to profitability; posts P1.1B net income in first quarter
Cebu Pacific returns to profitability; posts P1.1B net income in first quarter
ABS-CBN News
Published May 05, 2023 11:57 AM PHT
A Cebu Pacific plane prepares for a flight on April 4, 2023. Mark Demayo, ABS-CBN News
MANILA — Cebu Pacific said on Friday it returned to profitability in the first quarter after posting a net income of P1.1 billion, reversing a net loss of P7.6 billion in the same period in 2021.
Total revenues reached P20.9 billion for the period, up 211 percent, the airline said in a disclosure to the stock exchange.
This is Cebu Pacific's first profitable quarter since the pandemic, driven by strong passenger and ancillary revenues, it said.
"The steep growth was largely driven by the recovery of its passenger business," the carrier said.
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Cebu Pacific said it flew over 4.8 million passengers in Q1, which is 135 percent higher year-on-year. Load factor jumped 83 percent, it added.
A total of 32,000 flights were operated in the first quarter, which contributed to the overall improvement in the profit margin, Cebu Pacific said.
Cebu Pacific said it expected to exceed pre-pandemic capacity in the second quarter.
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