Cebu Air net loss down to P1.89B as revenues jump

Cebu Air announced on Thursday that it narrowed its net loss for Q2 of the year to P1.89b from a loss of P6.49b previously. The company saw its revenues for the period jump 336.6% to P13.97b from P3.2 in Q2 2021, its Q2 financial performance results showed. “During the second quarter of 2022, most parts of the country remained to be classified under the more relaxed alert level classification,” Cebu Air said. “As a result, the group restored almost the same level of its pre-pandemic system-wide capacity following the continuous ramp-up of its domestic and international routes,” it added. Expenses for the second quarter increased 85.3% to P16.79b from P9.06b previously. For the first half of the year, Cebu Air’s net loss amounted to P9.5b, 31.1% lower than the P13.79b net loss sustained for the six months ended on June 30, 2021. Cebu Air’s revenues for the first six months reached P20.682 billion, 250.3% higher than the P5.9b revenues generated in the same period in 2021. “The overall increase in revenues was primarily driven by significant increase in passenger volume, cargo services and flight activities as the COVID-19 (coronavirus disease 2019) restrictions already eased by March 2022,” the company said.<br/>