Philippine airlines report mixed Q2 results #Billion_InAugust 16, 2019
The listed operator of Cebu Pacific booked a net income of P3.76 billion in April to June, up 101% from a year ago as consolidated revenues rose 20% to P23.53 billion.
For the first half, Cebu Air posted a net income of P7.14 billion, 116% higher from in the same period last year.
Thanks to an 8.8% hike in average fares to P2,974, Cebu Air’s passenger revenues rose 17.8% to P33.35 billion during the six-month period.
Ancillary revenues widened 23.8% to P8.52 billion in the first half, while cargo revenues grew 6.9% to P2.84 billion.
Both increases were attributed to the bigger volume of passengers and cargo transported during the period.
Expenses climbed 8.2% to P35.77 billion in the first semester, and 8.4% to P18.5 billion in the quarter ending June.
Cebu Air attributed the higher costs to its expanded operations, acquisition of new aircraft and weakening of the Philippine peso in the past six months.
To date, the PAL’s attributable net loss stood at P3.33 billion, 138% bigger from last year.
Passenger revenues increased by 9% to P71.13 billion, while ancillary revenues jumped 21% to P5.54 billion.
Expenses were 3.3% higher in the first semester at P77.75 billion, mostly due to the increase in depreciation from implementing a new accounting standard.
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