(File photo)
MANILA – Low-cost carrier Cebu Pacific (CEB) announced Monday a sharp increase in demand for travel in the third quarter of 2023, with the Gokongwei-led airline having flown 1.3 million international passengers -- up 228 percent compared to the same period in 2022.
The notable increase was attributed to the continued network recovery and the opening up of more countries.
The high international travel demand was particularly evident on routes with many overseas Filipino workers, according to the CEB.
About four million domestic passengers, on the other hand, flew via CEB in the third quarter, up 5 percent year on year (y-o-y) and also above the carrier's pre-pandemic levels.
CEB said the change in school calendars, with scheduled graduation ceremonies and school breaks from June to August, also contributed to the rise in travel demand.
Overall, the CEB operated 35,000 flights during the third quarter, 18 percent higher y-o-y. Seat-load factor has also improved by 9.7 percent y-o-y or an average of 83.7 percent.
In a statement, CEB's Chief Finance Officer Mark Cesar said they remain optimistic about the airline's future growth.
CEB's total revenue for the third quarter was PHP23.3 billion, up 39 percent y-o-y and 23 percent higher than the third quarter of 2019.
Almost PHP21 billion was reported as operating expenses, higher by 5 percent compared to the same period last year. The increase was attributed to higher fuel costs as well as fleet-related expenses from additional aircraft.
Operating income reached PHP2.4 billion, while net income was PHP1.3 billion, CEB said. (PNA)
