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Medical equipment is loaded onto the delivery flight for a Cebu Pacific A320 in Toulouse (Photo: Airbus)

Cebu Air Bleeds In First Quarter Net-Loss

Cebu Air, the listed operator of budget carrier Cebu Pacific, posted a net loss of P7.3 billion (US$152.6 million) in the first quarter of 2021, as the Philippines struggles to contain COVID-19 infection cases, Business World reports. Cebu Air's net loss is 516% higher than the US$25.1 million net loss it sustained in the same period in 2020. Total net revenues dropped 83% to US$56.6 million from US$332.3 million previously, with passenger revenue plunging to US$18.5 million from US$238.0 million.…