Cebu Air Inc. reported on Wednesday that it posted a net loss of P1.183 billion in the first three months of the year, which it blamed on the coronavirus disease 2019 (Covid-19) pandemic, which has disrupted travel and airline operations worldwide. Passenger revenues in the first quarter declined by 27.4 percent to P11.388 billion from P15.679 billion. The airline’s cargo and ancillary businesses also saw their revenues drop, generating only P1.013 billion and P3.512 billion, respectively. To curb the spread of the coronavirus in the Philippines, the government imposed in mid-March a Luzon-wide enhanced community quarantine, forcing airlines, including Cebu Pacific, to suspend flights. Cebu Air shares increased by 40 centavos or 82 percent to close at P49.40 apiece on Wednesday.

Source: Manila Times April 29, 2020 17:12 UTC