CEB Q1 revenue up 148% to P6.71 B but bleeds P7.6 B
By EMMIE V. ABADILLA
Cebu Pacific (CEB) recorded revenues of P6.71 billion in the first quarter, 148 percent higher versus the same period last year, as passenger operations grew 256 percent to P3.16 billion as travel restrictions eased, the airline reported.
Ancillary and cargo revenues, likewise, increased 239 percent and 40 percent year-on-year, respectively.
However, the airline recorded a net loss of P7.61 billion, 4 percent higher than P7.30 billion in the comparative period.
CEB incurred P2.52 billion in non-core losses, primarily due to forex translation of dollar denominated loans and unrealized mark to market losses from the derivative value of its convertible bonds.
Overall, CEB flew 16,521 flights, 128 percent higher versus last year while passenger count likewise improved by 272 percent to 2.05 million.
Cargo operations sustained its growth, as cargo rose 36 percent to 34.2M kgs.
Operating expenses grew 26 percent year-on-year mainly due to higher fuel expenses resulting from the increase in jet fuel prices.
Nonetheless, operating loss narrowed 22 percent to P5.34 billion in the first quarter from P6.82 billion in the same quarter last year.
CEB generated net cash flows from operations of P1.55 billion. This was largely driven by increase in unearned transportation revenue due to higher bookings.
As at end March 2022, CEB’s cash and cash equivalents posted at P18.42 billion.
For the rest of 2022, CEB sees a better business outlook driven by domestic recovery and re-openings of international destinations.
However, it remains cautious of the risks presented by increasing jet fuel prices and interest rates and depreciation of the Philippine peso versus the US dollar.
It will continue to invest in the modernization of its fleet and will remain committed to providing affordable and accessible air transport services for all.