Low-cost carrier Cebu Pacific Air reported a 70.8% drop in net income to P66.081 million for the first three quarters of the year from P2.274 billion in the same period in 2012.
The income drop was recorded despite a 9.7% rise in revenue to P30.582 billion from P27.872 billion for the period in review.
For the nine months ended September 30, revenue from the cargo business rose 8.1% to P1.877 billion from P1.736 billion due to higher cargo throughput and freight charges.
Revenue from the passage business also improved, generating P23.591 billion or 8.2% more than the P21.801 billion last year as a result of greater passenger volumes.
Passenger throughput for the first nine months grew to 10.9 million from 9.8 million year-on-year. The improvement was attributed to the growth in the number of flights (up 7.5%) which, in turn, was a result of the increase in fleet to 47 aircraft from 39 as of September 2012.
Cebu Pacific’s ancillary services also posted higher revenue with P5.115 billion, an 18% increment from P4.336 billion, thanks to more online bookings.
Operating income improved 39.3% to P2.173 billion from P1.599 billion in the first three quarters of 2012.
For the third quarter alone, a net loss of P750.124 million was registered compared with a net income of P538.436 million in the same quarter last year.
Revenue from July to September reached P8.855 billion, up 8.75% from last year’s P8.143 billion.
Cebu Pacific flies to 34 Philippine and 22 international destinations, on over 90 routes from six Philippine hubs with its 47 aircraft fleet. This includes flights to Boracay, Cebu, Palawan, Beijing, Osaka, Seoul, Bali, Singapore, Hong Kong and Bangkok.
Between 2013 and 2021, Cebu Pacific will take delivery of 15 more brand-new Airbus A320s, 30 Airbus A321neos, and four Airbus A330s.
Photo from www.cebupacificair.com
