Philippine LCC Cebu Pacific reported a full-year 2010 operating profit of USD147.6 million and net profit of USD158.4 million, more than doubling its results from 2009. The carrier's passenger numbers rose 19.5% while revenue increased 25%. Shares in Cebu Pacific eased 0.1% yesterday, on a generally strong day for LCC shares, particularly in Europe.
Cebu Pacific financial highlights for the 12 months ended 31-Dec-2010:
- Revenue: USD665.7 million*, +24.8% year-on-year;
- Ancillary: USD53.5 million, +10.1%;
- Operating costs: USD518.1 million, +12.4%;
- Fuel: USD224.4 million, +33.3%;
- Operating profit: USD147.6 million, +103.9%;
- EBITDAR margin: 34.9%, +5.7 ppts;
- Net profit: USD158.4 million, +112.5%;
- Passenger numbers: 10.5 million, +19.5%;
- International: 2 million, n/a;
* Based on the conversion rate USD1 = PHP43.7
airberlin CEO Joachim Hunold predicted a return to profitability in 2011 as economic growth, a decline in unemployment and increasing demand for business travel boost passenger numbers. The carrier is forecasting a positive EBIT result in 2011 with the CEO noting that the carrier plans to counter EUR180 million in higher fuel costs in 2011 with increased surcharges and a EUR100 million saving plan. Shares in the carrier eased 0.3% yesterday.
Selected PEA daily share price movements (% change): 24-Mar-2011