Cebu Pacific on Wednesday anticipates posting greater profits this year on the back of higher bookings and strong increase in demand for travel.
The Gokongwei-led airline said significantly higher aircraft utilization and improvements in both capacity and seat load factors driven by higher bookings support the outlook for improved revenues and profitability margins.
“Macroeconomic conditions are likewise supporting the corporation’s recovery to profitability,” the budget airline said.
Its domestic operations already run over 100 percent of pre-pandemic capacity and forecast to continue accelerating further into 2023.
The enterprise likewise continues to expand its international footprint, especially as countries like Japan, Taiwan, Hong Kong, Australia and China, which have recently opened up, are posting a notable uptick in travel demand.
The airline rounded 2022 with 2,600 weekly flights and by the second quarter this year launch over 3,000 weekly flights, far more than pre-pandemic levels on a systemwide basis.
Cebu Pacific earlier booked a net loss of P14 billion in 2022, down 43.78 percent from P24.9 billion in 2021.
The airline posted a 261-percent increase in revenue to P56.8 billion last year.
