Cebu Pacific reported a narrower 43.78 percent drop in losses last year as its passenger service continued to recover.
The Gokongwei-led airline said net loss narrowed to P14 billion in 2022 from P24.9 billion the previous year.
In the fourth quarter alone, Cebu Pacific net loss slowed to P1.9 billion from P2.9 billion in the same period last year.
The airline also reported a 261 percent increase in revenues to P56.8 billion in 2022.
Its passenger business led the steep recovery with growth of 459 percent year on year to P35.1 billion, on the back of higher travel demand, both domestic and international, and the easing of various travel regulations.
The airline’s recovery particularly accelerated in the fourth quarter of 2022.
Total revenues were up 192 percent year-on-year to P19.2 billion.
While 2022 brought optimism on the demand front, Cebu Pacific said its profitability remained challenged by the economic environment, as jet fuel prices spiked and the peso weakened versus the dollar.
But no matter the headwinds, Cebu Pacific is confident in its ability to overcome them while remaining true to the commitment to enable everyone to fly.
“CEB is ready to move forward with optimism and confidence as we transition from recovery to growth mode. We remain committed to enabling everyone to fly and look forward to welcoming even more passengers onboard in the coming months.”
Mike Szucs, Cebu Pacific CEO
