Cebu Pacific Group records P8-billion net income for first half 2016

The Philippines airline, Cebu Pacific (PSE: CEB), and its wholly owned subsidiary Cebgo, generated a net income of P8 billion from January to June 2016, a substantial increase from the P5 billion earned in the same period last year.

The Cebu Pacific Air group’s 1H 2016 revenues surged to P33 billion, a growth of 12% year-on-year. Passenger revenues climbed by 11% to P25 billion, after CEB carried over 10 million passengers for the first half of 2016. Cargo revenues also went up by 6% to P2 billion.

Likewise, ancillary revenues soared by 20% to P6 billion consequent to the 9% growth in passenger traffic and 10% increase in average ancillary revenue per passenger. Improved online bookings, together with a wider range of ancillary revenue products and services, contributed to the increase.

“Our strong operating and financial performance attest to the ever growing number of air travelers and communities we serve, via approximately 2,400 weekly flights out of CEB’s six strategic hubs nationwide. We are optimistic that with the support of relevant government and airport authorities, we can continue contributing to the progression of air transport services in the country,” says Atty. JR Mantaring, CEB Vice President for Corporate Affairs.

CEB recently announced three new domestic routes out of Cebu, to cater to the increasing inter-island travel demand in the Visayas region. Beginning November 19, 2016, the airline will be operating daily flights between Cebu and Ormoc (Leyte) and Cebu and Roxas (Capiz); and four times weekly flights between Cebu and Calbayog (Samar).

The airline will also be operating direct, daily flights between Kalibo and Incheon, South Korea, effective October 1, 2016.

CEB now offers flights to an extensive network of over 100 routes on 36 domestic and 30 international destinations, spanning Asia, Australia, the Middle East, and USA. Its 57-strong fleet is comprised of seven Airbus A319, 36 Airbus A320, six Airbus A330, and eight ATR 72-500 aircraft. Between 2016 and 2021, CEB expects delivery of 32 Airbus A321neo, two Airbus A330, and 16 ATR 72-600 aircraft orders.