Cebu Pacific Group’s Q1 2015 Net Income Soars to P2.2 Billion

Cebu Pacific, and its wholly owned subsidiary Cebgo (formerly Tigerair Philippines), generated a net income of P2.2 billion from January to March 2015, over 13 times higher than the P164.2 million earned in the same period last year.

The Cebu Pacific Air group’s Q1 2015 revenues increased by 20.7% year-on-year to P14.2 billion. Passenger revenues grew by 22.2% to P10.8 billion while cargo revenues went up to P772.5 million, an increase of 13.6% compared to the same period in 2014.

Ancillary revenues likewise posted an increase of 17% for a total of P2.6 billion, driven by improved online bookings and a wider range of ancillary revenue products and services.

The Cebu Pacific group also achieved notable Q1 2015 passenger growth in domestic and international markets, carrying a total of 4.3 million passengers during the first quarter of 2015, 13% higher than the 3.8 million passengers flown in the same period last year.

This upsurge was largely influenced by growth in passengers flown to and from long haul destinations such as Dubai, Riyadh, Kuwait, and Sydney.

“Cebu Pacific attributes its bullish income and passenger growth to increased presence in key markets, strategic seat sales offering the lowest possible fares, and continuous network expansion. Our latest operating statistics affirm our objective which is to further stimulate air travel and grow inbound tourism by expanding our services in new destinations,” said Atty. JR Mantaring, Officer-in-Charge for Cebu Pacific Corporate Affairs.

Recent decline in fuel prices also contributed to the significant improvement in net income, as Cebu Pacific’s total fuel cost for Q1 2015 was reduced by 22% to P4.32 billion, from P5.55 billion expended in the same period last year.

During the first quarter of 2015, Cebu Pacific launched direct Kalibo-Hong Kong and Cebu-Tokyo flights, while Cebgo launched Manila-Legazpi and Cebu-Puerto Princesa flights. Cebu Pacific is also set to launch twice weekly direct flights between Manila and Doha, Qatar starting 4 June 2015.

CEB’s 55-strong fleet is comprised of 10 Airbus A319, 31 Airbus A320, 6 Airbus A330 and 8 ATR 72-500 aircraft. Between 2015 and 2021, CEB will take delivery of 7 more brand-new Airbus A320 and 30 Airbus A321neo aircraft.