Cebu Pacific has reported a 67% increase in profit to PHP853.5 million ($623.5 million) in 2014. The Philippines low-cost carrier has benefitted from sustained demand for air travel and entry to new markets such as Japan, Middle East and Australia.
Revenue was up by 26.8% to PHP52 billion and costs rose by 20.4% to PHP26.2 billion. Cebu Pacific’s operating profit rose by 72.9% to PHP4.1billion.
The airline flew 17.5% more passengers in 2014 with 16 million carried during the year on the back of a 6.9% increase in capacity. Average load factor rose to 84% compared to 82% in 2013. Cargo revenues grew 20% to PHP3.1 billion.