25 March 2022
Budget carrier Cebu Pacific (CEB) saw its net loss increases to US$498 million(P24.9 billion) last year from US$498 million (P22.2 billion) in 2020.
It flew only 3.4 million passengers in 2021 as compared to 5 million passengers in 2020.
It also operated fewer flights in 2021 servicing 34,463 flights as compared to 41,804 flown flights in 2020.
CEB said it registered 30% drop in revenue in 2021 generating only 15.7 billion.
Its passenger revenue also dropped 50% from 12.6 billion in 2020 to 6.3 billion in 2021.
The airline however increased its revenues for cargo operations registering 20% increase in reveune to 6.5 billion.
Total revenues for the period dropped by 30 percent to P15.7 billion as passenger revenues fell by 50 percent to P6.3 billion from P12.6 billion year-on-year. Revenues from cargo operations, meanwhile, rose by 20 percent to P6.5 billion last year.
The airline said it registered a P1.4-billion (US$28 million) gain from aircraft sale and leaseback transactions of its Airbus A330-900 aircraft.It was also able to rake in over US$1.6 billion from various fundraising initiatives to complement its cost-saving measures.
Cebu Pacific said it is expecting to recover to its pre-pandemic domestic capacity by the second quarter of 2022.
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