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Cebu Pacific's Q3 net income back in black at P1.3 billion

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ABS-CBN News

<p>MANILA - Cebu Pacific on Monday said it booked a net income of P1.3 billion in the third quarter amid strong demand for travel.</p><p>This was a turnaround from the airline’s net loss of P2.5 billion last year during the period, as well as 2019’s net loss of P384 million. </p><p>“CEB continued its financial recovery in the third quarter, and we remain optimistic on its future growth” said Mark Cezar, Chief Finance Officer.</p><p>The budget carrier said it saw a notable increase in travel demand in the July to September period, which it attributed to the change in school calendars, which shifted graduation and school breaks. </p><p>“This strengthened travel demand not only for domestic, but also for international markets, particularly evident on routes with high OFW population,” the company said. </p><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/29UDttetCQQ?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><p>Cebu Pacific said it booked P23.3 billion in revenues in Q3 which was 39 percent higher than in 2022 and 23 percent higher than in 2019.</p><p>Its operating expenses meanwhile climbed to P21 billion, both higher than last year and 2019 by 5 percent and 16 percent, respectively due to higher fuel costs and the addition of more aircraft.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/10/10/23/cebu-pacific-ramping-up-international-flight-capacity">Cebu Pacific ramping up international flight capacity</a></li>	<li><a href="https://news.abs-cbn.com/business/08/10/23/cebu-pacific-net-income-reaches-p27b-in-q2-of-2023">Cebu Pacific net income reaches P2.7B in second quarter of 2023</a></li></ul>

This was a turnaround from the airline’s net loss of P2.5 billion last year during the period, as well as 2019’s net loss of P384 million. 