Cebu Air Profit Hits 15-Year High on Engine Boost, Travel Demand

Philippine budget carrier Cebu Air Inc.’s second-quarter profit surged more than sixfold, boosted by an engine compensation package from Pratt & Whitney and higher passenger volumes.

Net income jumped to 8.51 billion pesos ($148 million) in the April-June period, marking Cebu Air’s highest quarterly profit since at least 2010. That includes 4.8 billion pesos in four free-of-charge engines from Pratt and Whitney which the airline secured in June and booked as other income, according to a statement Wednesday.