As Cebu Air Inc. CEB) operated more flights and flew more passengers after travel restrictions eased, the carrier's revenues for the second quarter shot up 337 percent to P13.97 billion from P3.2 billion in the same period in 2021.
The strong recovery in its passenger and ancillary busines, which grew 644 percent and 572 percent year-on-year, drove revenue growth.
Similarly, on the back of higher cargo volumes, its cargo business sustained its growth with a 15 percent increase to P1.7 billion versus last year.
Seat load factor of 77 percent was 21 pts higher than last year’s 56 percent.
The improvement in load factor resulted from the network recovery driven by the domestic market where passengers flown increased 562 percent year-on-year while flights grew 350 percent.
CEB’s international network also started to recover as travel requirements of other Southeast Asian countries, such as Singapore and Thailand, eased.
In addition, CEB expanded its network as it resumed flights to Hanoi, Bali, and Taiwan in the second quarter.
The airline's total operating expenses totaled P16.8 billion, 86 percent higher year on year despite 323 percent more flights.
Fuel was the biggest contributor to expenses due to the steep hike in jet fuel prices.
Nevertheless, net loss narrowed to P1.9 billion from P6.5 billion last year. Positive EBITDA of P453M was also recorded, a 121 percent jump from negative P2.1B last year.
“Amidst the risks posed by expensive jet fuel, peso depreciation and interest rate hikes, CEB remains cautiously optimistic that we can turn the tide soon as domestic demand looks robust and international borders continue to reopen," says CEB Chief Finance Officer, Mark Cezar.
"We continue to stay true to our commitment of providing accessible air transport service for everyone,” he concluded.