Cebu Pacific books 20% income hike in Q1
MANILA – Gokongwei-led budget flights operator Cebu Air Inc. reported a 20.2% increase in net income for the first quarter of 2013 on the back of higher passenger volume, cheaper fuel costs and an increase in average fares.
In a disclosure to the stock exchange on Tuesday, May 14, the operator of low-cost airline Cebu Pacific announced a net income of P1.16 billion from January to March 2013, higher than the P962.4 million booked in the same period last year.
Cebu Pacific’s revenues jumped 12.9% to P10.54 billion during the period from P9.34 billion a year ago.
Passenger revenues rose 13.6% to P8.17 billion in the first quarter of 2013 from P7.19 billion in the same quarter last year as passenger volumes increased by 4.9% to 3.5 million in the first quarter from 3.4 million in the same quarter in 2012.
This was in line with flight frequencies, which increased by 4.8% as the number of aircraft went up to 43 from 40.
Average fares also increased by 8.3% to 2,312 per passenger from 2,134 during the same period in 2012.
Cebu Pacific said its ancillary revenues including online bookings went up by 12.9% to P1.8 billion from P1.598 billion.
Cargo revenues climbed 3.5% to P570.648 million from P551.151 million in 2012 due to the increase in the volume and average freight charges of cargo transported in 2013.
Cebu Pacific operates a network serving 60 domestic routes and 32 international routes with a total of 2,278 scheduled weekly flights.
It operates a fleet of 43 aircraft including 10 Airbus A319, 25 Airbus A320 and eight ATR 72-500 aircraft.
Between 2013 and 2021, Cebu Pacific is set to take delivery of 17 more Airbus A320 and 30 Airbus A321neo aircraft orders. - Rappler.com