Philippine low-cost carrier Cebu Pacific Air reported a 44% increase in operating profit in the first six months of 2024 due to higher revenues.
According to the airline’s financial results, operating profit for the six months ended June 30 was P5.5 billion ($96 million).
Revenue rose 16% to P51.4 billion in the first half, but net profit declined 5% to P43.6 billion. Net profit was hurt by 15% higher expenses, including rising costs for flights, amortization and passenger service.
On a quarterly basis, operating profit increased 12% to P2.8 billion, with second-quarter revenue increasing 12.7% to P26 million.
“(Cebu Pacific) carried six million passengers in the second quarter, the highest passenger volume in a single quarter in its history,” the airline said.
“This is a 10% increase year-on-year, driven by summer traffic from April to May, school holidays in June and additional frequencies to busy destinations such as Cebu, Davao and General Santos. Strong demand to regional destinations such as Hong Kong, Japan, Vietnam and Australia also contributed to the growth.”
Cebu Pacific notes that in the second quarter it placed the largest aircraft order in the country’s history: up to 152 narrow-body aircraft from Airbus.
