CEB FLEW 4.8 Million PASSENGERS IN return to profit

CEBU Air Inc. (CEB) reported its first profitable quarter since the Covid-19 pandemic with a net profit of P1.1 billion, bouncing from a P7.6 billion net loss in the same period last year.

The Gokongwei-backed airline generated total revenues of P20.9 billion, 211 percent higher than in the first quarter of last year.

The steep growth was largely driven by recovery of its passenger business, which generated P14.3 billion, 352 percent higher year-on-year. CEB flew over 4.8 million passengers in the first quarter, 135 percent higher year-on-year.

This drove seat load factor to jump to 83 percent, up 13 percentage points year-on-year. CEB flew 32,000 flights in the first quarter, up 94 percent year-on-year. It flew to 34 local and 24 international destinations by the end of the first quarter.

CEB said it expects that in the second quarter, it will exceed its pre-pandemic capacity on a systemwide basis, supported by an optimistic outlook as the tourism industry continues to recover, plus the strengthening of its Clark and Cebu hubs.

CEB expects to reach 2019 international capacity levels during the second quarter, while domestic operations will continue to grow with additional flight frequencies to various destinations, coupled with flight resumption of routes such as Manila – Laoag, Iloilo – Puerto Princesa, and Iloilo – Cagayan. (PR)