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Stocks

Cebu Air's passenger volume up 13% in first quarter

Cebu Air reported a solid increase in passengers. (Photo by Masayuki Kozono)

SINGAPORE -- Cebu Air carried 4.8 million passengers in the January-March quarter, a 13% increase from a year earlier, the company announced Wednesday.

     The operator of the Philippines' largest budget carrier, Cebu Pacific Air, said that passenger volume for March surged 7% from a year earlier to 1.6 million. The numbers were initially reported late Tuesday by Philippine media.

     Cebu Air bought new Airbus A320 aircraft as part of plans to increase the number of seats offered. The carrier is adding more domestic and international flights to meet summer demand, fueling expectations of earnings growth. The company says Hong Kong, Singapore and Dubai are among the most popular overseas destinations.

     Investors responded warmly to the swelling passenger numbers in the Manila stock market Wednesday, with Cebu Air shares gaining 1.1% to close at 89.00 pesos ($1.90).

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