BY UNICAPITAL SECURITIES
Gokongwei-owned Cebu Air Inc. (CEB) said it earned PHP 853.5 million in 2014, up 67% from the PHP 511.95 million the previous year. Fueling the growth was a 27% increase in revenue to PHP 52 billion last year from PHP 41 billion in 2013.
Passenger revenue comprised 77% of total revenue and increased by 27% to PHP 40.19 billion from PHP 31.66 billion over the same period.
Cargo revenue also grew by 20.6% and comprised 6% of the top line.
It also saw a 17.5% growth in passenger volume to 16.9 million last year from 14.4 million in 2013.
Operating expenses climbed 23.9% to PHP 47.843 billion last year from the PHP 38.6 billion in 2013.
Lower jet fuel prices however partly made up for the increase in fuel expenses brought about by the higher number of flights mounted.
Jet fuel cost $112.48 a barrel last year, down from the $122.97 average in 2013.
Jet fuel comprised half of operating expenses and rose 19% year-on-year.