Cebu Pacific saw its first-quarter profit double as a jump in revenue – driven by strong passenger travel demand – outpaced an increase in costs.
For the three months ended 31 March, the low-cost operator reported an operating profit of Ps2.6 billion ($45.3 million), compared to the Ps1.2 billion profit in the year-ago period.
Net profit for the quarter also doubled year on year, at Ps2.2 billion, compared to Ps1 billion last year.
Quarterly revenue was up 25% year on year to Ps25.3 billion, led by growth in the passenger travel business. Cebu Pacific flew about 5.5 million passengers during the three months, a 14% rise year on year, and about 3% higher than the preceding quarter.
“Growth was supported by returning travellers over the Christmas holidays and Easter break, as well as other Philippine festivals and events. This was coupled by higher frequencies on popular destinations, and the expansion of international footprint,” the airline states.
The airline operated about 14% more flights during the quarter, adding 17 more aircraft to it fleet to “improve operational resilience and reliability” amid ongoing supply chain and reliability challenges.
Costs for the period grew 15% to Ps23 billion, driven by an uptick in operations, as well as fleet-related costs.
