For the third quarter of 2023, Cebu Pacific (CEB) generated P23.3 billion in revenue, up 23 percent from the same period in 2019 and 39 percent from the same period the previous year. This came after more than 5.3 million passengers took 35,000 flights, up 18 percent year-on-year. The seat load factor increased to 83.7 percent over the previous year, or a 9.7 percentage point increase.

With almost 1.3 million passengers flown during the quarter, at 228 percent growth year-on-year, CEB expanded its international operations rapidly. CEB's global network recovery persisted, particularly with the accession of more North Asian nations, including Taiwan, Hong Kong, and Japan.

Domestic travel, however, continued to be robust. During the quarter, CEB carried 4 million domestic passengers, an increase of 5 percent from the previous year and already above pre-pandemic levels.

The third-quarter data showed a significant rise in travel demand at CEB, which was a result of the school calendar adjustment that moved school graduations into June and August. This increased demand for travel to both domestic and foreign markets, with a notable increase in routes with a significant concentration of overseas Filipino workers.

On the other hand, operating expenses came to over P21 billion, which is 5 percent and 16 percent more than the same amounts in the previous year and 2019, respectively. The main cause of this increase was the addition of more aircraft, which resulted in greater fuel expenditures and fleet-related expenses.

In contrast to the operational deficit of more than P3 billion in the previous year, operating income in 2019 reached P2.4 billion, 170 percent more than the level in 2019.

The airline also recorded a net income of P1.3 billion, a turnaround from last year's net loss of P2.5 billion, as well as 2019's net loss of P384 million.

CEB chief finance officer Mark Cezar said the airline has continued its financial recovery in the third quarter, and it remains optimistic about its future growth.