BUDGET carrier Cebu Pacific Air (CEB) on Tuesday, March 28, 2023, disclosed that it recorded a 261 percent increase in revenues to P56.8 billion in 2022 from the previous year.
Passenger business led the steep recovery with growth of 459 percent year on year to P35.1 billion, on the back of higher travel demand, both domestically and internationally, coupled with the easing of various travel regulations.
While 2022 brought optimism on the demand front, CEB’s profitability remained challenged by the economic environment, as jet fuel prices spiked and the peso depreciated versus the dollar.
Amid these headwinds, CEB’s earnings before interest, taxes, depreciation and amortization returned to positive territory at P664 million from 2021’s negative P8.8 billion. (PR)