Cebu Pacific Operator Says 2019 Profit Increases By 132.6%
CEBU PACIFIC – Cebu Air, the operator of Cebu Pacific, said that its 2019 profit has increased by about 132.6% more.
According to Manila Times, the operator said that its last year earnings has soared by ₱9.12 billion. this is 132.6% more compared to 2018’s ₱3.92 billion.
Furthermore, there is a 14.4% increase in revenues or about ₱84.8 billion compared to 2018’s ₱74.11 billion.
Its passenger segment also increased to ₱61.682 billion compared to the previous year’s ₱54.26 billion.
Cebu Air Inc. added that they found a 10.8% increase in passenger volume at that time, which reached up to 22.5 million compared to the previous 20.3 million.
Furthermore, there is a 2.6% or ₱2,745 increase in average fares from 2018’s ₱2,675.
As per the report, as for its cargo business, there is a 4.6% or ₱5.74 billion increase compared to the previous ₱5.49 billion while, its ancillary revenues, there is a 21% or ₱17.37 billion surged compared to 2018’s ₱14.36 billion.
Lastly, there is ₱72.18 billion or 7.6% increase in operating expenses compared to the previous ₱67.06 billion.
The operator, however, said that their financial performance is more likely to be affected by the COVID-19 outbreak.
“While it is difficult to predict when operating conditions will improve, the group believes that [Covid-19] remains a going concern, given the measures undertaken, its liquidity position, its access to short and long term funding, and the strong relationships it has with major suppliers,”
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