Cebu Pacific net income doubled in 2019, before COVID-19 turbulence

ABS-CBN News

Posted at Apr 01 2020 01:13 PM

Passengers line up at Cebu Pacific's booking office at the NAIA Terminal 3 in Pasay City on March 13, 2020, one of the last few days of domestic flights out of Manila before the 1-month Luzon lockdown against COVID-19. Mark Demayo, ABS-CBN News

MANILA -- Cebu Pacific on Wednesday reported a 132.6-percent jump in net income for 2019, before the coronavirus pandemic grounded world travel and plunged airlines into financial turmoil.

The Philippines' largest airline posted net income of P9.123 billion last year from nearly P4 billion in the previous year, according to a stock exchange filing. Passenger revenue grew 8.7 percent to P4.3 billion while cargo revenue rose 19.3 percent to P887.8 million.

Gokongwei-led Cebu Pacific, Philippine Airlines and AirAsia Philippines on Tuesday sought credit relief from Manila, saying their survival was at stake. Flight were suspended throughout the 1-month Luzon lockdown, scheduled to end on April 12.

"While it is difficult to predict when operating conditions will improve, the Group believes that it remains a going concern, given the measures undertaken, its liquidity position, its access to short and long term funding, and the strong relationships it has with major suppliers," Cebu Pacific said.

Cebu Pacific earlier said its senior management took pay cuts to avoid layoffs.