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Cebu Pacific said third-quarter net profit was 1.3 billion pesos due to strong travel demand, reversing a net loss of 2.5 billion pesos in the same period last year and a net loss of 384 million pesos in 2019.
Chief Financial Officer Mark Cezar said CEB’s financial situation continued to recover in the third quarter and he remained optimistic about future growth. The airline noted a significant increase in travel demand between July and September, mainly due to changes in the school calendar, which enhanced travel demand in both domestic and international markets, especially on routes with a high concentration of overseas Filipino workers. Third-quarter revenue was 23.3 billion pesos, up 39% from 2022 and 23% from 2019.
However, due to rising fuel costs and an increase in the number of aircraft, operating expenses climbed to 21 billion pesos, an increase of 5% and 16% from last year and 2019, respectively.
(Source: news.abs Image source: freepik)
