CEB revenue improves 148% to ₱6.71 B in Q1

Cebu Pacific (CEB) recorded revenues of ₱6.71 billion in the first quarter, 148 percent higher versus the same period last year, as passenger operations grew 256 percent to ₱3.16 billion as travel restrictions eased.

Ancillary and cargo revenues, likewise, increased 239 percent and 40 percent year-on-year, respectively.

However, the airline recorded a net loss of ₱7.61 billion, 4 percent higher than ₱7.30 billion in the comparative period.

CEB incurred ₱2.52 billion in non-core losses, primarily due to forex translation of dollar denominated loans and unrealized mark to market losses from the derivative value of its convertible bonds.

Overall, CEB flew 16,521 flights, 128 percent higher versus last year while passenger count likewise improved by 272 percent to 2.05 million.

Cargo operations sustained its growth, as cargo rose 36 percent to 34.2M kgs. Operating expenses grew 26 percent year-on-year mainly due to higher fuel expenses resulting from the increase in jet fuel prices.

Nonetheless, operating loss narrowed 22 percent to ₱5.34 billion in the first quarter from ₱6.82 billion in the same quarter last year.

CEB generated net cash flows from operations of ₱1.55 billion. This was largely driven by increase in unearned transportation revenue due to higher bookings. As at end March 2022, CEB’s cash and cash equivalents posted at ₱18.42 billion.

For the rest of 2022, CEB sees a better business outlook driven by domestic recovery and re-openings of international destinations.

However, it remains cautious of the risks presented by increasing jet fuel prices and interest rates and depreciation of the Philippine peso versus the US dollar.

It will continue to invest in the modernization of its fleet and will remain committed to providing affordable and accessible air transport services for all.