Metro Manila (CNN Philippines, May 5) — The operator of low-cost carrier Cebu Pacific returned to profitability in the first quarter, after a long period of financial bleeding due to the COVID-19 pandemic.
In a disclosure Friday, Cebu Air Inc. said earnings in the January to March period reached ₱1.1 billion, a turnaround from the ₱7.6-billion net loss a year ago.Cebu Air said this marks the group’s “first profitable quarter since the pandemic,” with air travel now gaining more strength amid relaxed restrictions.Total revenues more than doubled to ₱20.9 billion, mainly propelled by its passenger business, which booked ₱14.3 billion.It said Cebu Pacific flew more than 4.8 million passengers and mounted 32,000 flights. As of end-March, Cebu Pacific’s flight operations covered 34 local and 24 international destinations.
