Cebu Pacific posts 21% revenue growth for 1st half of 2009

Direct News Source

01-Sep-2009 The country’s leading domestic airline, Cebu Pacific (CEB), generated a total of P11.39 billion in gross revenues from January to June 2009. This made the airline post 21.3% growth, compared to last year’s P9.39 billion.

According to CEB’s parent company JG Summit Holdings Inc. (JGSHI), the airline’s profitability this first semester of 2009 was largely because of additional routes, increase in flight frequencies and capacity due to recently acquired additional Airbus A320 and ATR72-500. In fact, from a net loss of P15.66 million last year, the low-fare leader posted a net income of P1.82 billion for the first half of 2009 alone. “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,” said CEB VP for marketing and distribution Candice Iyog.

“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. The airline 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. CEB also recently boosted 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.