Cebu Air : Pacific profit grows 5-fold in 2015

MANILA, PhilippinesCebu Air Inc. recorded a sharp a 414 percent increase in net earnings in 2015, driven by higher revenues as well as lower expenses.In its annual report, Cebu Air Inc. said net income grew to P4.39 billion last year from P853.50 million in 2014.The latest result was driven by the 8.7 percent increase in total revenues to P56.50 billion last year from P52 billion in 2014.Passenger revenues rose 6.2 percent to P42.68 billion last year from P40.19 billion in 2014."This increase was primarily due to the 8.9 percent growth in passenger volume to 18.4 million from 16.9 million for the year ended December 31, 2014 driven by the increased number of flights in 2015," Cebu Air said.The group's flights also posted a 7.6 percent year-on-year uptick in 2015 as it added more aircraft to its fleet through the acquisition of wide-body Airbus A330 aircraft with a configuration of more than 400 all-economy class seats.element-invisibleBusiness ( Article MRec ), pagematch: 1, sectionmatch: 1As of end-2015, the group increased its fleet to 55 aircraft from 52 in 2014.Cargo revenues posted a 10 percent growth to P3.46 billion last year from P3.15 billion in 2014 amid higher volume of cargo transported.Ancillary revenues also went up 19.6 percent to P10.36 billion in 2015 from the previous year's P8.67 billion."Improved online bookings, together with a wider range of ancillary revenue products and services, also contributed to the increase," the group said.The group's expenses meanwhile, slid 2.2 percent to P46.80 billion last year from 2014's P47.84 billion.The group attributed the dip in expenses to the substantial reduction in fuel costs last year in line with the decline in global jet fuel prices.Expenses from flying operations fell 20 percent to P20.92 billion last year from the P26.15 billion incurred in 2014.© Pakistan Press International, source Asianet-Pakistan

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