Low-cost carrier Cebu Pacific reported a net income of P9.123 billion in 2019, an increase of 132.6% from the P3.923 billion net income earned in 2018.
Revenues for 2019 amounted to P84.807 billion, up 14.4% from the P74.114 billion posted in 2018, according to a regulatory disclosure by parent company Cebu Air, Inc., whose companies also include airline Cebgo and 12 special purpose entities.
Revenues from passengers grew 13.7% to P61.682 billion last year from P54.260 billion in 2018. This was mainly attributable to the 10.8% growth in passenger volume to 22.5 million from 20.3 million last year as the group increased capacity. The increase in average fares by 2.6% also contributed to the increase in revenues.
Cargo revenues likewise rose 4.6% to P5.745 billion from P5.491 billion in 2018 following the increase in both yield and volume of cargo transported in 2019.
Revenues from ancillary services registered the highest increase of 21% to P17.379 billion from P14.363 billion consequent to the 10.8% increase in passenger traffic and 9.2% increase in average ancillary revenue per passenger due to pricing adjustments and increased volume of certain ancillary products and services.
The group incurred operating expenses of P72.186 billion in 2019, higher by 7.6% from the P67.064 billion operating expenses recorded in 2018. The increase was driven by the group’s expanded operations, growth in seat capacity after acquiring new aircraft and partially offset by the strengthening of the Philippine peso against the U.S. dollar.
As of December 2019, the group operates a fleet of 75 aircraft serving 72 domestic routes and 41 international routes with a total of 3,376 scheduled weekly flights.
Photo courtesy of Cebu Pacific
