Cebu Pacific said Wednesday it recorded an operating income of P2.6 billion in the first quarter of 2024, up by 114 percent year-on-year amid strong travel demand.
Net income also grew 108 percent over the same period to exceed P2.2 billion.
“As Cebu Pacific steps into 2024, the airline is committed to sustaining the positive momentum it has started in the past year. Given its widest network in the Philippines, with over 35 domestic and 24 international destinations, we will continue our mission to provide safe, reliable, and affordable flights to every Juan,” said Cebu Pacific chief financial officer Mark Cezar.
Cebu Pacific generated P25.3 billion in revenue in the first three months, a 21-percent increase from the previous year.
Passenger business grew strongly, generating almost P18 billion in revenue, which was 25 percent higher year-on-year. From January to March, CEB flew over 5.5 million passengers, marking a 14-perccent increase from the same period last year and a 3-percent growth from the preceding quarter.
Growth was supported by returning travelers over the Christmas holidays and Easter break, as well as other Philippine festivals and events. Higher frequencies on popular destinations and the expansion of international footprint through the launch of Manila-Danang route also supported growth.
Ancillary business generated over P6.2 billion in revenue, up by 14 percent from a year ago, driven by higher passenger count. The cargo business showed improvement from last year as CEB carried 35 million kilograms of cargo, or 16 percent higher year-on-year.
This generated almost P1.3 billion revenue, 11-percent higher than in the same period last year.