Cebu Pacific posts H1 profit of 1.82bn pesos

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Philippine carrier Cebu Pacific Air returned to the black in the first half of 2009 after revenues increased due to the opening of new routes.

In the six months ending 30 June, Cebu Pacific had net income of 1.82 billion pesos ($38 million) compared to a net loss of 15.66 million pesos in the corresponding period last year, its parent company JG Summit says in a stock exchange filing.

Gross revenue increased 21% to 11.39 billion pesos from 9.39 billion pesos, and costs were up 13% to 9.28 billion pesos from 8.19 billion pesos.

Part of its profits were due to "fuel hedging gains which recorded a significant increase during the period from 77.11 million pesos last year to 471.43 million pesos for the first six months this year", it adds.

Cebu Pacific says that it added more Airbus 320s and ATR 72-500s, increased flight frequencies and opened new routes during the six months.