Pilot Career Center - Global
Pilot Career Center - Global

Philipinnes' Cebu Pacific net income more than doubles in 2016

Philipinnes' Cebu Pacific net income more than doubles in 2016

2017 04 04

2017 04 04

* Cebu Pacific is expecting the delivery of 48 additional planes in the next five years to 2021.
* Cebu Pacific said its net income last year surged by 122% annually, propelled by higher passenger, cargo and ancillary revenues.

 

The Gokongwei-led budget carrier said the group’s net income more than doubled to P9.8-billion net income in 2016, as it flew 19.1 million passengers, up 4.1% from the 18.4 million passengers ferried in 2015.

The operator of Cebu Pacific and Cebgo attributed the higher profit to “strong demand for low-cost air travel and robust growth in ancillary revenues, which include baggage fees, on-board meals and merchandise.”

“2016 was a great year for Cebu Air, as we continue to enable everyJuan to fly to more destinations around the Philippines and to key destinations in Asia, the Middle East, Australia and the United States,” Cebu Pacific Vice- President for Corporate Affairs Paterno S. Mantaring, Jr. was quoted as saying.

In 2016, gross revenues rose 12% to P63.78 billion from P56.62 billion in the prior year. The bulk, 75%, came from passenger services, while 5.8% was from cargo services, and 18.9% from ancillary services.

Cebu Air said its passenger revenues went up 9.2% to P46.6 billion in 2016. Cargo revenues grew 3% to P3.56 billion last year from P3.46 billion in 2015, while ancillary revenues climbed 3% to P11.74 billion from P10.36 billion previously, the budget airline said in its annual report submitted to the Philippine Stock Exchange.

The budget carrier’s number of flights in 2016 went down to 132,056 from 2015’s 132,360 even as the number of its fleet increased to 57 from 55. Cebu Pacific and Cebgo flights seat were 86% full on average last year compared to the preceding year’s 82.6%.

In 2016, Cebu Pacific flew to 36 domestic and 30 international destinations through 102 routes and more than 2,820 flights weekly.

The budget carrier ended 2016 with an operating revenue of P61.9 billion, 9% higher than the P56.62-billion operating revenue earned in the previous year.

Operating expenses rose 6% to P49.65 billion from P46.80 billion.

The carrier boosted its intra-regional network in the Visayas with flights from Cebu to Ormoc, Roxas and Calbayog. It also launched direct service between Kalibo and Incheon; as well as its first US destination, Guam.

Cebu Pacific ended 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, it expects to take delivery of one Airbus A330, two Airbus A321neo, and four more ATR 72-600; and delivery of three of its four Airbus A319 to end the year with 63 aircraft.

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