Cebu Pacific suffers another tough quarter amid Covid-19

Cebu Pacific Air narrowed its second quarter operating loss to P5.8b ($115m), with revenue more than doubling to P3.2b from a year earlier. According to its unaudited results statement for the three months ended 30 June, the stronger quarterly revenue was due mainly to passenger revenues jumping ten-fold to P1.1b from P118m a year earlier, when the Philippines was largely locked down amid the coronavirus pandemic. Expenses, however, rose 16% to P9b, driven by higher costs related to repair and maintenance, as well as flight operations. Net losses narrowed to P6.7b from P7.9b in the second quarter of 2020. The carrier notes that travel restrictions related to Covid-19 continue to have an impact both on domestic and international operations. “The Covid-19 pandemic could have a material impact on the group’s financial results for the rest of 2021 and even periods thereafter,” it says. “Considering the evolving nature of the pandemic, the group will continue to monitor the situation.”<br/>