Cebu Pacific back in black, lifts JG Summit net income in 2023 | ABS-CBN
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Cebu Pacific back in black, lifts JG Summit net income in 2023
Cebu Pacific back in black, lifts JG Summit net income in 2023
Benise Balaoing,
ABS-CBN News
Published Mar 26, 2024 06:54 PM PHT
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Updated Mar 26, 2024 07:00 PM PHT
MANILA -- Budget carrier Cebu Pacific reversed a P14 billion loss in 2022 to make P7.9 billion in net income in 2023.
MANILA -- Budget carrier Cebu Pacific reversed a P14 billion loss in 2022 to make P7.9 billion in net income in 2023.
In a statement, Cebu Pacific said this comes on the back of stronger demand for air travel--the airline said it flew over 20 million passengers on more than 140,000 flights in 2023, up 41 percent and 31 percent, respectively, from 2022 figures.
In a statement, Cebu Pacific said this comes on the back of stronger demand for air travel--the airline said it flew over 20 million passengers on more than 140,000 flights in 2023, up 41 percent and 31 percent, respectively, from 2022 figures.
Cebu Pacific's solid earnings alos boosted the numbers of its parent company JG Summit Holdings, which saw its net income triple to P19.6 billion from P6.2 billion in 2022.
Cebu Pacific's solid earnings alos boosted the numbers of its parent company JG Summit Holdings, which saw its net income triple to P19.6 billion from P6.2 billion in 2022.
Revenues also climbed to P343.8 billion, up 14 percent from the P312.4 billion it saw the year before.
Revenues also climbed to P343.8 billion, up 14 percent from the P312.4 billion it saw the year before.
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JG Summit's real estate unit also contributed to the higher profit--Universal Robina Corporation saw a 24 percent jump in net income because of higher mobility and spending in its malls and hotels.
JG Summit's real estate unit also contributed to the higher profit--Universal Robina Corporation saw a 24 percent jump in net income because of higher mobility and spending in its malls and hotels.
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