BUDGET carrier Cebu Pacific narrowed its net loss to P1.9 billion in the fourth quarter from the P2.9 billion it booked in the same period in 2021, which it attributed to lower operating costs during the period.

“Operating loss decreased significantly, from P4.3 billion in the fourth quarter of 2021 to P232 million in 2022,” the airline said in a press release.

Total revenues during the quarter jumped by 192% to P19.2 billion.

Cebu Pacific said its recovery was accelerated in the fourth quarter, which brought its full-year 2022 net loss to P14 billion, lower by 43.8% than the P24.9 billion net loss it incurred in 2021.

In 2022, Cebu Pacific said its operating loss was reduced by half to P11.4 billion, while its earnings before interest, taxes, depreciation, and amortization reached P664 million, turning around a loss of P8.8 billion in 2021.

During the period, the passenger business grew by 459% to P35.1 billion.

“[This is] on the back of higher travel demand, both domestically and internationally, coupled with the easing of various travel regulations,” the airline said.

Last year, Cebu Pacific said its profitability was challenged by higher jet fuel prices and the local currency’s depreciation against the dollar.

However, the airline said it remains confident in its ability to overcome unprecedented headwinds following these.

“Cebu Pacific is ready to move forward with optimism and confidence as we transition from recovery to growth mode. We remain committed to enabling everyone to fly and look forward to welcoming even more passengers onboard in the coming months,” said Mike Szücs, chief executive officer of Cebu Pacific.

On Tuesday, shares in Cebu Pacific climbed 35 centavos or 0.89% to P39.50 each. — Justine Irish D. Tabile