MANILA, Philippines — Financial losses of Cebu Pacific ballooned over six times from last year in the first quarter, demonstrating the severe impact of pandemic travel restrictions that continued to prevent planes from taking off. A big reason for the larger losses was timing: last year, Cebu Pacific and other airlines had around one and a half months of normal operations before the pandemic came into picture. Muted air travel pushed down Cebu Pacific’s revenues 83% year-on-year to P2.71 billion as of March. As a result, Cebu Pacific posted an operating loss of.78 billion in the first quarter. In recent months, Cebu Pacific has scrambled to raise cash after a massive 75% downscaling of its workforce last year proved insufficient for the airline to weather the lingering crisis.

Source: Philippine Star May 10, 2021 10:07 UTC