Cebu Pacific has given a warning on forward bookings as capacity floods into the Philippine market.
The carrier, which has a dominant position in the Philippines with 45% market share, warned that bookings for the three months from August 10 had been “relatively soft”, coming in at 5.4% annual growth versus a capacity increase of 9.7%.
As of August 10, approximately 25% of seats had been sold for the next three months.
EBIT was php 1,530 million (US$36.2 million) in the first half, down 28.4%. Load factors for the first half fell from 87.8% to 84.1%.
Total revenues increased year-on-year by 17.9% in the first half. Average yield per passenger is up 1.4% to P2,682 in the first half of 2012.
By the end of June, domestic seat capacity has grown 20% year-on-year against domestic traffic growth of 13%, says Cebu Pacific.
