By Azer N. Parrocha
MANILA, Aug 14 (PNA) — Low-cost carrier Cebu Pacific on Friday posted a 63 percent increase in profit to Php 5.2-billion in the first half of the year from Php 3.2-billion acquired in the same period last year.
In a disclosure to the Philippine Stock Exchange (PSE), Cebu Pacific attributed the profit hike to cheaper fuel, an increase in passenger traffic, and improved online bookings.
Cebu Pacific said that revenues increased by 10.4 percent to Php 29.5 billion from January to June this year from Php 26.7 billion in the same period last year.
Meanwhile, passenger revenue went up by 9.4 percent to Php 22.8 billion from Php 20.85 billion.
The company said that Cebu Pacific Group, which includes Cebgo (formerly Tigerair Philippines), carried 9.2 million passengers this year, up 8 percent from 8.5 million last year.
Cargo revenue also went up by 11.4 percent to Php 1.6 billion from Php 1.4 billion last year.
However, fuel expenses, which at Php 9.2 billion comprised more than a third of total expenses, dropped 21.5 percent year-on-year. (PNA)