Cebu Pacific posted an operating loss of Ps693 million ($13.7 million) in the first quarter of 2020, reversing the Ps3.85 billion operating profit made in the same period last year.

Total revenue for the quarter ended 31 March fell 24.9% to Ps15.9 billion, as revenue from passenger, cargo, and ancillary segments fell across the board.

The low-cost carrier’s expenses declined 4.2% to Ps16.6 billion, due to a sharp fall in costs associated with reduced flying operations, as well as reservation and sales. On the other hand, costs from depreciation and amortisation, and aircraft maintenance costs were all higher.

Cebu Pacific thus slipped into a net loss of Ps1.18 billion, down from a net profit of Ps4 billion last year. Factors contributing to the net loss include losses from hedging and foreign exchange.

Cash and cash equivalent stood at Ps17.5 billion as of 31 March, down from the Ps22.5 billion a year before.

During the quarter, Cebu Pacific grew its fleet from 75 to 76 aircraft, having added one Airbus A320neo.