With the resurgence in travel demand, Cebu Pacific trims its net loss to P14 billion in 2022, from P24.9 billion in 2021.
MANILA, Philippines – Though Cebu Pacific has yet to return to profitability, the Gokongwei-owned airline recorded P56.8 billion in revenues for 2022, a 261% jump from 2021.
As revenues surged, it was able to trim its net loss to P14 billion in 2022, from P24.9 billion in 2021. Operating loss in 2022 was reduced to P11.4 billion, nearly half of the 2021 figure. The low-cost carrier’s passenger business grew by 459% year-on-year to P35.1 billion, benefiting from the trend of domestic and internationalCebu Pacific increased its domestic market share to 57% in 2022, with revenge travel fueling the revival of a pandemic-battered tourism industry.
Even with demand surging, however, Cebu Pacific’s profitability remains hampered by challenges, including the spike in jet fuel prices and the depreciation of the peso versus the dollar.In 2022, Cebu Pacific flew over 14.8 million passengers, with 13.5 million of them on domestic flights. Total operations grew 335% year-on-year, with the steep recovery driven by higher travel demand and looser travel regulations.
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