Cebu Air Inc. (PSE: CEB) has reported consolidated income of PhP6.92 billion for 2010, up 112.5% from the previous year. Consolidated revenues meanwhile grew by 24.8% to PhP29.089 billion, driven by the increase in the number of passengers and higher average fare.
Operating expenses moved up by only 12.4% to PhP22.639 billion, from PhP20.147 billion in the previous year, despite the growth in seat capacity and higher aviation fuel prices in 2010 compared to 2009. As a result, the company’s overall operating income increased by 103.9% to PhP6.45 billion.
Consolidated EBITDAR margin (operating income after adding depreciation and amortization and aircraft and engine lease expense divided by total revenue) for the period was 34.9% from last year’s 29.2%.
As of December 31, 2010, Cebu Air’s consolidated balance sheet remains solid, with net debt-to-equity of 0.4. Consolidated assets grew to PhP49.937 billion from PhP35.323 billion as the company added aircraft to its fleet. Equity grew to PhP17.907 billion from PhP7.255 billion in prior year, while book value per share amounted to PhP29.20 as of December 31, 2010, from PhP12.45 in the previous period.