CEBU

Cebu Pacific takes a hit from pandemic

FROM a strong 2019 environment, the first quarter of 2020 was challenging for Cebu Pacific Air as it cancelled all its flights starting March 15, 2020 due to the mandated enhanced community quarantine.

In addition, prior to the lockdown in the Philippines, the airline already stopped flights to and from China, Hong Kong, Taipei and Macau.

These led to a 15 percent drop in its number of flights, and 17 percent decline in passengers flown.

With these, topline amounted to P15.9 billion, a 25 percent decline year-on-year (YoY).

Passenger revenues and ancillaries went down by 27 percent and 13 percent, respectively as both passenger volume and fares decreased.

Cargo revenue likewise fell 30 percent YoY as volumes and yields were lower.

Despite lower jet fuel prices and consumption, the airline posted a net loss of P1.2 billion due to lower passenger volumes coupled with increase in depreciation and aircraft maintenance costs. (PR)


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