Cebu Pacific profits soar in Q1
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Cebu Pacific achieved a sharp rise in profits in the first quarter of 2015.
With the results of its new subsidiary, Cebgo (formerly Tigerair Philippines) incorporated into the figures, Cebu Pacific’s net profits jumped more than 1,200% to PHP2.2 billion (US$49.5 million).
This result was partially due to a 20.7% jump in revenues, to PHP14.2bn, including a 22.2% rise in passenger revenues and a 17% increase in ancillary sales. But Cebu Pacific was also helped by the recent drop in oil prices, which contributed to 22% reduction of the airline’s fuel expenses.
Cebu Pacific and Cebgo carried a total of 4.3m passengers during the first quarter of 2015, 13% higher than in the same period last year.
“CEB attributes its bullish income and passenger growth to increased presence in key markets, strategic seat sales offering the lowest possible fares, and continuous network expansion,” said Atty. JR Mantaring, the group’s officer-in-charge for corporate affairs.
“Our latest operating statistics affirm our objective which is to further stimulate air travel and grow inbound tourism by expanding our services in new destinations.”
During the first quarter of 2015, Cebu Pacific launched new two new routes, Kalibo-Hong Kong and Cebu–Tokyo flights, while Cebgo launched Manila-Legazpi and Cebu-Puerto Princesa.
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