Cebu Pacific posts turnaround amid global recession
09/01/2009 | 03:28 PM
Gokongwei-led Cebu Pacific Air Inc. reversed last year’s losses as it increased routes, flight frequencies and capacity with the purchase of more Airbus A320 and ATR72-500.
In a statement, Cebu Pacific said it had posted a P1.82 billion net income during the first semester from P15.66-million net loss the same period last year.
“We are very happy that despite the economic recession, and the dynamic changes in foreign exchange and fuel costs, we remain a profitable and financially strong airline," Cebu Pacific vice president for marketing and distribution Candice Iyog.
Revenues grew by 21.3 percent to P11.39 billion from P9.39 billion.
Asia’s third largest low-cost carrier transports more passengers to 32 domestic and 14 international destinations from its Manila, Cebu, Clark and Davao hubs.
It currently operates the newest fleet in the country, composed of 21 Airbus A319 and A320 aircraft as well as 8 ATR72-500 aircraft. It expects delivery of 17 more Airbus and two ATR aircraft from the last quarter of 2009 until 2014.
Recently, it increased its Manila-Hong Kong service to four times daily, its Manila-Singapore service to thrice daily and its Manila-Kuala Lumpur service to daily flights.
“Our low-cost carrier strategy has made more and more people utilize air travel for business and leisure travel. We will continue to offer our value fares and convenient routes for the benefit of our passengers," she added. -Ruby Anne M. Rubio, GMANews.TV
In a statement, Cebu Pacific said it had posted a P1.82 billion net income during the first semester from P15.66-million net loss the same period last year.
“We are very happy that despite the economic recession, and the dynamic changes in foreign exchange and fuel costs, we remain a profitable and financially strong airline," Cebu Pacific vice president for marketing and distribution Candice Iyog.
Revenues grew by 21.3 percent to P11.39 billion from P9.39 billion.
Asia’s third largest low-cost carrier transports more passengers to 32 domestic and 14 international destinations from its Manila, Cebu, Clark and Davao hubs.
It currently operates the newest fleet in the country, composed of 21 Airbus A319 and A320 aircraft as well as 8 ATR72-500 aircraft. It expects delivery of 17 more Airbus and two ATR aircraft from the last quarter of 2009 until 2014.
Recently, it increased its Manila-Hong Kong service to four times daily, its Manila-Singapore service to thrice daily and its Manila-Kuala Lumpur service to daily flights.
“Our low-cost carrier strategy has made more and more people utilize air travel for business and leisure travel. We will continue to offer our value fares and convenient routes for the benefit of our passengers," she added. -Ruby Anne M. Rubio, GMANews.TV
