Low-cost carrier Cebu Pacific saw its earnings in the first half rise by a staggering 153 percent from the previous year on higher passenger volume and an engine compensation package.

In a disclosure to the Philippine Stock Exchange (PSE), Cebu Pacific’s parent firm, Cebu Air Inc., reported a net income of ₱8.97 billion in the first six months, up from last year’s ₱3.55 billion.

Classified under other income, the carrier said it secured four free-of-charge engines from American aerospace manufacturer Pratt & Whitney as part of its compensation package.

Each engine is valued at ₱1.2 billion, amounting to a total of ₱4.8 billion.

Based on reports, Pratt & Whitney is offering airlines compensation for operational disruptions after it flagged thousands of turbofan engines over their potentially flawed components.

During the six-month period, the airline’s revenues jumped by 23 percent to ₱63.33 billion from the ₱51.44 billion recorded in the previous year.

The growth was driven by higher passenger revenues, which grew to ₱44.23 billion from ₱35.68 billion, with passenger volume rising 21 percent to 14 million.

With the passenger growth, ancillary revenue expanded to ₱15.59 billion, a 19-percent hike from ₱13.12 billion.

Likewise, cargo revenues soared by 33 percent to ₱3.51 billion versus ₱2.64 billion due to an increase in volume.

Meanwhile, expenses leaped by 21 percent to ₱55.42 billion, driven by the increase in flight operations and a weaker peso.

Flying operations, in particular, rose eight percent to ₱20.59 billion compared to last year’s ₱19.25 billion on higher fuel consumption and pilot headcount.

During the first six months, the airline said fights increased by 17 percent, with available seat kilometers surging by 22 percent.

Cebu Pacific said it operated over 3,300 weekly flights across 124 routes with a fleet of 99 aircraft by the end of June.

Cebu Pacific Chief Executive Officer (CEO) Michael Szucs said the company’s impressive first half shows that its investments in fleet and network expansion are paying off.

“With the Philippines’ growing economy, favorable demographics and expanding tourism sector, we remain well-positioned to drive long term growth in low-cost travel,” he said.