Surge in passenger volume lifts Cebu Pacific's income
MANILA, Philippines – Cebu Air Incorporated, the operator of Cebu Pacific and Cebgo, saw its net income surge by P8 billion in the first 6 months of the year, after it breached its 10-million mark in passenger volume.
Cebu Air told the Philippine Stock Exchange (PSE) on Monday, August 15, that its leading budget airline Cebu Pacific and its wholly owned subsidiary Cebgo generated a net income of P8 billion from January to June 2016, a substantial increase from the P5 billion earned in the same period last year.
"Our strong operating and financial performance attest to the ever growing number of air travelers and communities we serve, via approximately 2,400 weekly flights out of Cebu Pacific's 6 strategic hubs nationwide," Cebu Pacific vice president for corporate affairs JR Mantaring said in the regulatory filing.
In the first half of the year, its revenues surged to P33 billion, a growth of 12% year-on-year.
Cebu Pacific's passenger revenues climbed by 11% to P25 billion in the first half of the year, after it carried over 10 million passengers.
Cargo revenues also went up by 6% to P2 billion.
Cebu Air said improved online bookings, together with a wider range of ancillary revenue products and services, contributed to the increase in revenue.
"We are optimistic that with the support of relevant government and airport authorities, we can continue contributing to the progression of air transport services in the country," Mantaring said.
Cebu Pacific recently announced 3 new domestic routes out of Cebu, to cater to the increasing inter-island travel demand in the Visayas.
Beginning November 19, 2016, Cebu Pacific will be operating daily flights between Cebu and Ormoc (Leyte) and Cebu and Roxas (Capiz); and 4 times weekly flights between Cebu and Calbayog (Samar).
The airline said it will also be operating direct, daily flights between Kalibo and Incheon, South Korea, effective October 1, 2016.
Cebu Pacific currently offer flights in 100 routes on 36 domestic and 30 international destinations, spanning Asia, Australia, the Middle East, and USA.
Its 57-strong fleet is comprised of 7 Airbus A319, 36 Airbus A320, 6 Airbus A330, and 8 ATR 72-500 aircraft.
Between 2016 and 2021, the airline said it expects delivery of 32 Airbus A321neo, two Airbus A330, and 16 ATR 72-600 aircraft orders. – Rappler.com