Philippine low-cost carrier Cebu Pacific Air saw operating profits rise 44% in the first six months of 2024, on the back of stronger revenues.
Operating profits for the six months ended 30 June came in at Ps5.5 billion ($96 million), according to the carrier’s financial results.
First half revenues grew 16% to Ps51.4 billion, but net profits fell 5% to Ps43.6 billion. Net profit was dented by 15% higher expenses, including rising costs associated with flying, amortization, and passenger service.
On a quarterly basis, operating profits rose 12% to Ps2.8 billion, with second quarter revenues rising 12.7% to Ps26 million.
“[Cebu Pacific] carried six million passengers in the second quarter, the highest passenger count in a single quarter in its history,” says the carrier.
“This is 10% higher from the previous year fuelled by the summer traffic from April to May, the school break in June, and additional frequencies in high-traffic destinations such as Cebu, Davao, and General Santos. Strong demand for regional destinations such as Hong Kong, Japan, Vietnam, and Australia also contributed to the growth.”
Cebu Pacific notes that it placed the largest aircraft committment in the country’s history during the second quarter, for up to 152 narrowbodies from Airbus.
