After posting net losses every quarter since the pandemic hit in 2020, Cebu Pacific earned a net income of P1.1 billion in the first quarter of 2023, driven largely by surging passenger demand.
‘s first quarter net income to P1.1 billion, up big from the P7.6 billion loss during the same period last year.
Pent-up travel demand was among the biggest drivers of the low-cost carrier’s return to profitability. Revenues for its passenger business skyrocketed by 352% year-on-year, hitting P14.3 billion in the first quarter compared to P3.161 billion earned in the same period last year. Passenger volume more than doubled from 2.0 million to 4.8 million, with more – and fuller – flights being flown. Travelers are simply spending more in general too, with the average fare jumping from P1,543 to P2,971.
The company’s ancillary business – which includes cancellation and rebooking options, and in-flight merchandising – also contributed P5.46 billion, up 221% year-on-year. All in all, total revenue soared from P6.709 billion to P20.877 billion, or 211% higher than the first quarter last year.For the first time since the pandemic struck, Cebu Pacific ended a quarter out of the red, with its net income crossing the P1 billion mark.
Along with the boost in revenue came controversy, however. Cebu Pacific’s Super Pass sale, held on the last day of the first quarter, sparked complaints after several netizens were charged multiple times while attempting to avail of the promo. One netizen told Rappler that they were charged more than P15,000 while trying to buy only a handful of vouchers. Cebu Pacific has since apologized for the “system glitch,” but customers may still have to wait months to get their refunds.
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