Cebu Air Inc., the operator of Cebu Pacific, reported a 78 percent decline in net income to P466 million in the first quarter of 2025, as fleet expansion and broader operations drove up costs.

In a report to the stock exchange, the Gokongwei-led budget carrier said its fleet grew to 99 aircraft by the end of March, supporting services across 63 destinations and 127 routes. 

The increase in capacity contributed to higher operating expenses that weighed on profitability.

Revenues remain robust

Despite the earnings drop, Cebu Pacific posted record-high revenues of P30.4 billion for the period, up 20 percent year-on-year, as it flew 7 million passengers — a 26 percent increase.

Passenger revenue rose 19 percent to P21 billion, while cargo revenues surged 35 percent to P1.7 billion.

“We remain optimistic on our financial outlook,” Cebu Pacific chief financial officer Mark Cezar said despite the slump.