BUDGET carrier operator Cebu Air Inc. (PSE: CEB) said it narrowed its net loss in 2022, leveraging the global “revenge travel” phenomenon.
In a statement attached to a disclosure to the stock exchange, CEB said its net loss shrank to P14 billion in 2022 from P24.9 billion the previous year, and operating loss reduced to P11.4 billion, about half of previous year.
It recorded a 261-percent increase in revenues to P56.8 billion in 2022, as its passenger business ballooned 459 percent to P35.1 billion, on the back of higher travel demand, both domestically and internationally, coupled with the easing of various travel regulations.
“While 2022 brought optimism on the demand front, CEB’s profitability remained challenged by the economic environment, as jet fuel prices spiked and the peso depreciated versus the dollar,” the statement read.
For 2023, the carrier is “confident in its ability to overcome” its anticipated headwinds.
“CEB is ready to move forward with optimism and confidence as we transition from recovery to growth mode. We remain committed to enabling everyone to fly and look forward to welcoming even more passengers onboard in the coming months.” said Mike Szucs, CEO of Cebu Pacific.
