Cebu Pacific trims net loss as revenues jump 337 percent in second quarter

ABS-CBN News

Posted at Aug 11 2022 04:42 PM

MANILA — Cebu Pacific said Thursday its net loss narrowed to P1.9 billion from P6.5 billion in the second quarter, while its revenues rose by a significant 337 percent. 

Revenues in the second quarter jumped to P13.97 billion from P3.2 billion in Q2 2021 driven largely by the strong recovery in passenger and ancillary businesses, the airline told the stock exchange.

The Gokongwei-led carrier said its international network has started to recover as travel requirements in other Southeast Asian countries ease including Singapore and Thailand

It said it had also expanded its network with flight resumptions to Hanoi, Bali and Taiwan in the second quarter. 

"Amidst the risks posed by expensive jet fuel, peso depreciation and interest rate hikes, CEB remains cautiously optimistic that we can turn the tide soon as domestic demand looks robust and international borders continue to reopen," Cebu Air chief financial officer Mark Cezar said.

"We continue to stay true to our commitment of providing accessible air transport service for everyone," he added.

The airline earlier said in May it has restored 100 percent of its pre-pandemic capacity.

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