Low-cost carrier Cebu Pacific Air (CEB) reported a total revenue of P22.7 billion for the second quarter of 2023, a 62% increase from the same period last year. However, this is still 4% below the second quarter of 2019, pre-pandemic.
The airline flew 5.46 million passengers during the quarter, 29% higher year on year. The average seat load factor (SLF) was 86%, which is an improvement from 77% in the same period last year, but still lower than the 90% SLF in 2019.
Operating expenses totaled P20.2 billion, 20% up year on year and 9% higher than 2019. These were driven by the increase in fuel prices, aircraft maintenance, and other fleet-related costs.
Despite the challenging environment, Cebu Pacific turned from a P1.9 billion net loss in the second quarter last year to a net income of P2.7 billion for the second quarter of 2023. This was driven by the strong revenue growth and improved cost management.
“The past few months have been one of the toughest for CEB, but we remain steadfast in our commitment to provide safe, reliable, and affordable flights to our passengers and support economic growth in the Philippines and across the region,” said Alexander Lao, Cebu Pacific’s President and Chief Commercial Officer.
Cebu Pacific is the largest airline in the Philippines and one of the largest low-cost carriers in Asia. The airline operates a fleet of more than 80 aircraft and flies to over 50 destinations in the Philippines and Southeast Asia.
The airline is optimistic about the future and expects to continue its recovery in the coming months. Cebu Pacific is also planning to expand its international network and add new aircraft to its fleet.
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