Cebu Pacific releases its numbers for the second quarter of 2023. They made a profit of P22.7 billion in total revenue, which is 62% more than last year at the same time but still 4% less than in 2019, before the pandemic. They flew over 36,300 flights, which is 22% more than last year but 1% less than in 2019.
The Average Seat Load Factor (SLF) got better too. It’s now 86%, up from 77% last year. But it’s still not as good as the 90% they had in 2019. Operating expenses were P20.2 billion, 20% more than last year and 9% more than 2019. Fuel prices, aircraft maintenance, and other fleet-related costs went up.
But there’s some good news. Cebu Pacific turned things around from a net loss of P1.9 billion last year to a net income of P2.7 billion this quarter. They now have P165 billion in total assets, covering their fleet of 80 aircraft.
More People Are Flying
Cebu Pacific had 5.46 million passengers this quarter. That’s 29% more than last year. Travel restrictions have eased in most international places since last year, so more people are flying. But it’s still 8% less than before the pandemic, especially for short trips outside the country.
The airline also had some problems in the second quarter. There were global industry challenges and weather-related issues that slowed down Cebu Pacific’s growth.
Staying Strong
Even though things have been tough, Cebu Pacific’s President and Chief Commercial Officer, Alexander Lao, isn’t giving up. He said, “The past few months have been one of the toughest for Cebu Pacific, but we remain steadfast in our commitment to provide safe, reliable, and affordable flights to our passengers and support economic growth in the Philippines and across the region.”
Cebu Pacific’s second quarter in 2023 had some ups and downs. They made more money, flew more flights, and had more passengers. But they also faced challenges and expenses. The good thing is that Cebu Pacific’s leaders are focused on their goals: providing affordable flights and helping the economy grow in the region through interconnectivity.
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