Cebu Pacific core net income surges 77% to P 3.3B
The Philippines' leading carrier, Cebu Pacific (PSE: CEB), reported a core net income of P 3.3 billion, up 77% compared to the previous year, on the back of notable improvement in both revenues and operating expenses.
Total revenues grew 27% to P52 billion, driven by sustained demand for air travel and entry to new markets such as Japan, Middle East and Australia. CEB carried 16.9 million passengers in 2014, 17.5% more than the 14.4 million passengers flown in 2013.
Ancillary revenue likewise grew 29% to P8.7 billion; while cargo revenues grew 20% to P3.1 billion.
CEB posted Operating Income of P4.2 billion, 73% higher than previous year, supported by improvement in fuel prices. However, with this decline in fuel prices CEB posted fuel hedging losses of P2.3 billion. CEB’s Net Income posted at P853 million, up 67% from the previous year.
CEB's 55-strong fleet is comprised of 10 Airbus A319, 31 Airbus A320, 6 Airbus A330 and 8 ATR-72 500 aircraft. It is one of the most modern aircraft fleets in the world. Between 2015 and 2021, Cebu Pacific will take delivery of 7 more brand-new Airbus A320 and 30 Airbus A321neo aircraft.
For bookings and inquiries, passengers can visit www.cebupacificair.com or call the CEB reservation hotlines (+632)702-0888 (Manila) or (+6332)230-8888 (Cebu). They may also download the Cebu Pacific official mobile app on the App Store.