One mile at a time: Lance Gokongwei sees Cebu Pac’s return to profitability as losses narrow

Cebu Pacific is hoping to turn the tide and return to profitability soon after trimming its losses in the first half of the year.

The airline headed by Lance Gokongwei narrowed its net loss to P1.9 billion in the first semester from P6.5 billion a year earlier.

Cebu Pacific also posted a positive EBITDA of P453 million, a 121 percent jump from negative P2.1 billion last year.

Revenues more than tripled to P20.68 billion from P5.9 billion, driven by significant increase in passenger volume, cargo services, and flight activities.

Passenger volume jumped more than three-fold to 6.3 million from 1.2 million due to the higher number of flights, coupled with an increase in seat load factor.

“Amid the risks posed by expensive jet fuel, peso depreciation and interest rate hikes, Cebu Pacific remains cautiously optimistic that we can turn the tide soon as domestic demand looks robust and international borders continue to reopen,” Cebu Pacific chief finance officer Mark Cezar said.

Cebu Pacific said its international network has also started to recover in the second quarter as travel requirements of other Southeast Asian countries such as Singapore and Thailand eased.

The budget carrier expanded its network as it resumed flights to Hanoi, Bali, and Taiwan during the quarter.

Court dismisses tax case against Pacquiao

Philippine boxing legend Manny Pacquiao on Friday won a years-long court battle to avoid paying tens of millions of dollars in extra taxes after an appeals court dismissed the case against him.

Court dismisses tax case against Pacquiao

Philippine boxing legend Manny Pacquiao on Friday won a years-long court battle to avoid paying tens of millions of dollars in extra taxes after an appeals court dismissed the case against him.