Cebu Pacific Air (CEB) on Tuesday reported returning to profitability in 2023, a turnaround from net loss of P14 billion the previous year.
In the fourth quarter alone, Cebu Pacific posted net income of P2.9 billion from net loss of P1.9 billion in the same period in 2022.
“Moving forward, we are optimistic that Cebu Pacific’s solid 2023 financial results will set the foundation for a stronger financial performance in 2024,” Mark Cezar, Cebu Pacific chief finance officer said.
Cebu Pacific generated P90.6 billion in revenue for the period, a 60 percent increase from prior year. The fourth quarter also marked Cebu Pacific’s strongest in terms of revenue as it generated P23.7 billion, 23 percent higher year-on-year.
Passenger business led the steep recovery with P62.5 billion in revenue, 78 percent higher year-on-year. This was on the back of over 20 million passengers and over 140,000 flights flown in 2023, 41 percent and 30 percent higher year on year, respectively.
The airline’s so-called load factor improved to 84 percent, nine percentage points higher year-on-year.
Operating expenses amounted to P82 billion, 20 percent higher year-on-year due to higher fuel and fleet-related costs.
The airline took 18 aircraft deliveries throughout 2023, increasing the fleet to improve its operational resiliency while sustaining capacity expansion. Also embedded in its expenses were the digitalization and other efforts to support its customer first initiatives.
