Cebu Pacific earned P9.8B in profits, up 122%, in 2016

Budget carrier Cebu Pacific has vowed to increase inter island connectivity within the Philippines to stimulate trade and tourism within the country.

Cebu Pacific Vice President for Corporate Affairs Paterno S. Mantaring said this commitment comes on the heels of the company registering a 122-percent increase in net income in 2016.

A filing with the stock exchange showed Cebu Air Inc. booked P9.8 billion in profits last year, thanks to the strong demand for low-cost air travel and robust growth in ancillary revenues.

Total revenues, including that of subsidiary Cebgo, rose by 9.6 percent to P61.9 billion, while expenses inched up by a mere 1 percent to P54.06 billion.

“The year 2016 was a great year for Cebu Pacific, as we continue to enable every Juan to fly to more destinations around the Philippines and to key destinations in Asia, the Middle East, Australia and the US,” Mantaring said. “Cebu Pacific remains committed to further increase inter-island connectivity within the Philippines to promote trade and tourism and help more people connect with their families and friends all around the world, while consistently providing our trademark best-value fares.”

In 2016 Cebu Pacific flew to 36 domestic and 30 international destinations through 102 routes and more than 2,820 flights weekly. It boosted its intra-regional network in the Visayas with flights from Cebu to Ormoc, Roxas and Calbayog.

The airline also launched direct service between Kalibo and Incheon, Korea, as well as its first US destination, Guam. It also teamed up with some of the world’s leading low-cost carriers to form Value Alliance, the world’s largest budget-carrier alliance, which aims to provide greater value, connectivity and choice for travel throughout Southeast Asia, North Asia and Australia.

In total, the airline flew 19.1 million passengers in 2016, up by 4.1 percent versus the 18.4 million passengers carried in 2015.

The Gokongwei-led carrier capped 2016 with 57 aircraft, adding two brand-new ATR 72-600 aircraft in February 2017, to bring its current fleet to 59.

For the rest of 2017, CEB expects to take delivery of one Airbus A330, two Airbus A321neo, and four more ATR 72-600; and delivering out three of its four Airbus A319 to end the year with 63 aircraft.