Cebu Air Inc (PSE: CEB), the Philippines\u2019 leading carrier, generated Php 26.1 billion in revenue in the second quarter, a 15% increase from the previous year.<\/p>\n
CEB carried six million passengers in the second quarter, the highest passenger count in a single quarter in its history. This is 10% higher from the previous year fueled by the summer traffic from April to May, the school break in June, and additional frequencies in high-traffic destinations such as Cebu, Davao, and General Santos. Strong demand for regional destinations such as Hong Kong, Japan, Vietnam, and Australia also contributed to the growth.<\/p>\n
With this, the passenger business generated almost P18 billion in revenues, 13% higher year on year, while ancillary business generated close to P7 billion, 16% higher year-on-year. CEB\u2019s cargo business also showed a notable improvement, as it flew close to 36 million kilos of cargo in the second quarter, 39% higher than same period last year. This is on the back of over 38 thousand flights flown for the quarter, 5% higher year on year. With this, CEB\u2019s cargo business generated over P1.4 billion in revenue, up 59% on the previous year. Operating income improved to P2.8 billion, 12% higher than same period last year. After considering financing costs, and other non-core gains and losses, CEB\u2019s net Income for the second quarter posted at P1.3 billion.<\/p>\n
On August 2, 2024, the Securities and Exchange Commission approved CEB\u2019s quasi-reorganization through deficit reclassification. This equity restructuring removes CEB\u2019s retained deficit as of end 2023 through a counterpart application of its capital surplus. Combined with increased profitability and improving capital efficiency this will accelerate the potential for future shareholder returns and distributions.<\/p>\n
\u201cThis has been a very important quarter for our airline, marked by significant achievements and crucial milestones. We\u2019ve set new highs in terms of passengers flown, finalized our quasi-reorganization, and made the historic order of up to 152 aircraft from Airbus,\u201d said CEB Chief Executive Officer Michael Szucs.<\/p>\n
\u201cThis substantive commitment, through the new aircraft order, aligns CEB\u2019s ability to grow with the robust economic story in the Philippines and its ongoing investment in infrastructure.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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