Cebu Pacific returns to the black with 3.3bn pesos net profit

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Philippine low-cost carrier Cebu Pacific has reported a net profit of 3.3 billion pesos ($74 million) in 2009, rebounding from its losses a year before.

The carrier, which reported a net loss of 3.3 billion pesos in 2008, is the biggest contributor to its parent JG Summit Holdings' net profit in 2009 with a 39% share, says the group.

Cebu Pacific's earnings before interest, taxes, depreciation, amortisation and rent expenses rose 57% to 6.8 billion pesos in 2009 from a year ago.

Its revenues grew 18% to 23.3 billion pesos in 2009, adds JG Summit. This is a result of the carrier's "continuous expansion of its route and flight network, additional passenger and cargo traffic and significantly increased ancillary revenues", says the group.

The carrier's revenues accounted for 22% of JG Summit's group revenues in 2009, making Cebu Pacific the second biggest revenue contributor.

Operating costs rose 12% to 20.2 billion pesos from a year ago, says JG Summit.