Cebu Pacific Q3 revenue up 62%

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CEBU Pacific (CEB) posted revenues of P3.25 billion for the third quarter, a 62 percent increase from the same period last year, as flights increased 69 percent to 7,271.

Passenger revenues surged to P1.31 billion, 246 percent higher year-on-year. This is on the back of a low base in the third quarter of 2020 when CEB restarted its operations after an air travel suspension which lasted for most of the second quarter 2020.

Cargo operations continued to supplement the business, contributing P1.45 billion in revenues which rose nine percent, while ancillary revenues grew 63 percent year-on-year at P484 million.

Despite the increase in flights, CEB operating expenses for the third quarter grew only seven percent at P9.4 billion, narrowing CEB’s operating loss to P6.15 billion from P6.74 billion in the same period last year.

CEB incurred foreign exchange loss of P1.77 billion in the third quarter versus a P963 million gain in 2020, primarily from the higher peso translation of its US dollar denominated liabilities this year.

This deepened the company’s net loss to P8.20 billion, versus a P5.54 billion net loss incurred in the same period last year. CEB has flown nearly two million passengers from January to September on 21,549 flights. (PR)

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