The Philippines' leading carrier, Cebu Pacific, reported a core net income of P3.3 billion, up 77% compared to the previous year, on the back of notable improvement in both revenues and operating expenses. Total revenues grew 27% to P52 billion, driven by sustained demand for air travel and entry to new markets such as Japan, Middle East and Australia. CEB carried 16.9 million passengers in 2014, 17.5% more than the 14.4 million passengers flown in 2013. Ancillary revenue likewise grew 29% to P8.7 billion; while cargo revenues grew 20% to P3.1 billion. CEB posted operating Income of P4.2 billion, 73% higher than previous year, supported by improvement in fuel prices. However, with this decline in fuel prices CEB posted fuel-hedging losses of P2.3 billion. CEB's Net Income posted at P853 million, up 67% from the previous year. CEB's 55-strong fleet is comprised of 10 Airbus A319, 31 Airbus A320, 6 Airbus A330 and 8 ATR-72 500 aircraft. It is one of the most modern aircraft fleets in the world. Between 2015 and 2021, Cebu Pacific will take delivery of 7 more brand-new Airbus A320 and 30 Airbus A321neo aircraft. — SG
