DigitalCFO Newsroom | 4 January 2022
Cebu Air Inc., the operator of budget carrier Cebu Pacific, announced the appointment of a new chief finance officer (CFO).
MANILA, Philippines — Cebu Air Inc., the operator of budget carrier Cebu Pacific, announced the appointment of a new chief finance officer (CFO). Mark Julius Cezar has been appointed as the company’s new CFO effective last Jan. 1 following the retirement of Andrew Huang. Cezar was previously appointed as deputy CFO by the company in Aug. 17, 2020.
Huang, on the other hand, served as the group’s CFO for six years since Oct. 1, 2015. Cebu Air said Huang would continue to hold the position of chief compliance officer of the company, a position he has held since June 11 last year.
The airline reported a net loss of P21.99 billion in January to September last year, 49.8 percent higher than the P14.69 billion loss incurred in the same period in 2020. Revenues plunged by 52.7 percent during the nine-month period to P9.15 billion as a result of the overall impact of the COVID-19 outbreak. In the third quarter, however, revenues jumped 62 percent year-on-year to P3.25 billion as flights increased 69 percent to 7,271.
Cebu Pacific has been gearing up for higher domestic travel demand this year, while tempering its expectations on the recovery of international travel. The airline expects to restore 84 percent of its pre-pandemic domestic capacity and 39 percent of its international capacity this year.
About Cebu Pacific
Cebu Pacific Air, Inc., operating as Cebu Pacific, is a Philippine low-cost airline based on the grounds of Mactan–Cebu International Airport (Terminal 2), Lapu-Lapu City, Metro Cebu, Philippines. Founded in 1988, it is Asia’s oldest low-cost airline. It offers scheduled flights to both domestic and international destinations. Its main hubs are Cebu and Manila, with focus cities at Cagayan de Oro, Clark, Davao, Kalibo, Iloilo, and Zamboanga.
The airline is a subsidiary of JG Summit Holdings. Cebu Pacific is currently headed by Lance Gokongwei, presumptive heir of John Gokongwei, the chairman emeritus of JG Summit. As of January 2013, the company has 3,297 employees. 2,565 were from operations, 429 from the commercial departments, and 303 from the support departments.
Source: The Philippine Star