Cebu Air posts P1.18-B net loss in Q1

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.

The Gokongwei-led operator of budget carrier Cebu Pacific said the amount was a 135.2-percent plunge from the P3.356-billion net income posted a year earlier, when the global aviation industry remained calm and was yet to deal with the public health crisis.