Cebu Pacific posts P9B loss

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    Cebu Pacific Inc. reported a P9.1-billion net loss in the first six months of the year from a net income of P7.1 billion last year as revenues dropped by 61 percent due to the suspension of commercial flights following the community quarantines related to the new coronavirus disease 2019.

    CEB revenues amounted to P17.3 billion from P44.7 billion last year.

    All scheduled flights were suspended starting March 19 and resumed last June 3 for domestic flights and at limited capacity.

    Cargo flights resumed in April within the Philippines and eventually to Japan, Thailand, China, Hong Kong.

    Passenger revenues dropped by 65.5 percent to P11.507 billion following a 60 percent decline in passenger traffic to 4.5 million driven by lesser number of flights and a decrease in seat load factor.

    Cargo revenues declined by 21.7 percent to P2.2 billion due to the 52.4 percent decrease in volume although this was partially offset by a higher yield primarily from chartered cargo services.

    Ancillary revenues decreased by 57.7 percent to P3.6 billion due to lesser passenger
    volume and flight activity during the period.

    CEB incurred operating expenses of P24.3 billion, lower by 32.2 percent than the P35.9 billion operating expenses reported last year.