Cebu Pacific (CEB), the Philippines’ leading carrier, has released its financial results for 2014 revealing notable improvements in revenue and operating expenses.
The airline reached a core net income of P3.3 billion for 2014, a 77 per cent increase on the previous year.
Total revenue was recorded as P52 billion, representing a 27 per cent increase driven by consistent demand for air travel and expansion into new markets such as Japan, Middle East, and Australia.
CEB carried 16.9 million passengers last year, compared to 14.4 million in 2013, while its ancillary revenue grew 29 per cent to P8.7 billion.
The airline’s operating income reached P4.2 billion, an increase of 73 per cent from 2013 which can be attributed to improved fuel prices.
However, the reduced fuel costs meant CEB reported fuel hedging losses of P2.3 billion.
CEB’s fleet of 55 aircraft is comprised of ten Airbus A319, 31 Airbus A320, six Airbus A330 and eight ATR-72 500 aircraft, representing one of the most modern fleets in the world.
Between now and 2021, CEB will receive seven additional brand new Airbus A320 and 30 Airbus A321neo aircraft.