Cebu Pacific trims losses in 2022

Budget carrier Cebu Pacific trimmed its losses in the fourth quarter and the full year 2022 on the back of triple-digit growth in its revenue as travel resumed following the easing of COVID-19 pandemic regulations.

The airline said net loss narrowed to P1.9 billion from P2.9 billion in the fourth quarter, as revenues surged by 192% to P19.2 billion. Operating loss also fell to P232 million from P4.3 billion.

This brought the 2022 full-year net loss to P14 billion from P24.9 billion the previous year, with the operating loss cut by about half to P11.4 billion.

Revenues jumped 261% to P56.8 billion, led mainly by the growth of the passenger business, which climbed 459% to P35.1 billion as travel demand resumed in line with the easing of travel regulations.

“CEB is ready to move forward with optimism and confidence as we transition from recovery to growth mode,” Cebu Pacific Chief Executive Officer Mike Szucs said in an emailed statement.

“We remain committed to enabling everyone to fly and look forward to welcoming even more passengers onboard in the coming months,” he added.

The company will add 11 more aircraft to its fleet this 2023 as it seeks to return to profitability within the first quarter of the year.

Shares in Cebu Air Inc., which operates the carrier, were trading up by P0.350 or 0.89% at P39.50 apiece as of 2:32 p.m. on Tuesday. — DVM, GMA Integrated News