MANILA, Aug. 12 (Xinhua) -- Philippines' budget airline Cebu Pacific on Wednesday reported a 9.14 billion pesos loss (about 186.8 million U.S. dollars) in the first half of 2020 due to the COVID-19 pandemic.
The loss reverses a 7.14 billion pesos (roughly 145.9 million U.S. dollars) net income in the same period in 2019.
"The disruption in the group's operations due to the repercussions brought about by the coronavirus disease (COVID-19) crisis had negative impact on its financial condition and results of operations during the period," Cebu Air Pacific Inc., the airline's listed operator, said in a disclosure during a stock exchange filing.
The Philippines started to ban flights in February due to the spreading COVID-19 infections in the region. The flights restrictions expanded in mi-March when the government and several countries imposed coronavirus lockdowns to curb the spread of the virus.
Like most airlines, Cebu Pacific had suspended all flight operations starting March 19 and resumed on limited capacity on June 3.
"While some sporadic arrangements for sweeper flights to assist with stranded tourists did occur, for the most part, the group's operations were virtually nil until April," Cebu Air said, citing the start of cargo flights overseas.
It added that "commercial passenger operations restarted only last June 3 for domestic flights, but in a limited capacity."
"The group believes that it remains a resilient airline despite the adverse impact of the COVID-19 outbreak," Cebu Air said, citing a strong balance sheet and equity position during the first semester.
Before the pandemic, Cebu Pacific operated 78 domestic routes and 25 international routes, for a total of 2,717 weekly flights.
When quarantine restrictions eased in June, its network fell to 25 domestic routes, accounting for a total of 290 weekly flights.
The airline has laid off over 1,000 employees, including pilots. Enditem
