12 August 2022
Low cost carrier Cebu Air Inc. (CEB) reported a net loss of US$180 million (₱9.5 billion) during the first six months of the year.
In a disclosure to the Philippine Stock Exchange on Thursday, the airline revenues expanded 337% year-on-year to US$263.5 million (₱13.97 billion) as its passenger and ancillary business recovered in the second quarter due to looser travel restrictions.
Revenues from its cargo operations also grew 15% year-on-year to $32 million (₱1.7 billion) in the first half.
Operating expenses ballooned 86% year-on-year to $316.9 million (₱16.8 billion) in the second quarter, mostl driven by pricier jet fuel costs accounting 35% of of its operating cost.