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Cebu Pacific's 2010 profits surge. PAL concerned with rising fuel costs and rising LCC competition


Cebu Pacific has overtaken Philippine Airlines as the largest domestic carrier and is benefiting handsomely from its status as the country's dominant carrier. Cebu Pacific is more profitable than PAL and it is also rapidly catching up to the flag carrier in terms of network and fleet size. While PAL’s international network extends further than Cebu Pacific’s thanks to its widebody fleet, the LCC is in the process of expanding its reach to the limits of its A320 equipment, with a particular focus on expansion in China, another high potential market. [2429 words]

Unlock the following content in this report:


  • Cebu Pacific profitability soars. Revenues up 25% on higher pax levels and fares
  • PAL expects to report profit in FY2011 despite concerns on rising fuel costs
  • Fuel costs a concern for both PAL and Cebu
  • The largest domestic carriers in the Philippines is Cebu Pacific
  • Cebu Pacific’s rapid growth profile makes Philippines one of the fastest growing domestic markets in Asia
  • Cebu Pacific’s fleet size approaching PAL levels but no widebodies
  • PAL's long-haul fleet keeping it in the game
  • Cebu Pacific to increase flight frequencies by 18% in 2011. Larger weekly seat offering than PAL
  • Cebu Pacific targets China
  • Cebu Pacific IPO in 2010 raises over USD600 million; Philippine Airlines in talks over bank loans
  • Fast growing market about to enter new phase of growth

Graphs and data:

  • Cebu Pacific revenue up 25% - financial highlights for the 12 months ended 31-Dec-2010
  • PAL Holdings operating profit margin: FY2006 to 9 months ended Dec-2010
  • Cebu Pacific passenger number development: 2008 to 2014F
  • CEBU Pacific Air fleet (at 21-Mar-2011)
  • CEBU Pacific Air fleet breakdown for aircraft (in service): At 21-Mar-2011
  • Philippine Airlines fleet (at 14-Mar-2011)
  • Philippine Airlines fleet breakdown for aircraft in service (at 14-Mar-2011)
  • CEBU Pacific Air international vs domestic capacity share (21-Mar-2011 to 27-Mar-2011)
  • Philippine Airlines international vs domestic capacity share (21-Mar-2011 to 27-Mar-2011)
  • Philippine Airlines international capacity by region (14-Mar-2011 to 20-Mar-2011)
  • Cebu Pacific share price: Past three months
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