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03
Jul

Cebu Pacific sells majority stake in 1Aviation

Written by bh0ngg. Posted in News

In a disclosure to the stock exchange, the Gokongwei-led company said it has sold 60% of its shares in 1Aviation Groundhandling Services Corp. to the Philippine Airport Ground Support Solutions, Inc. (PAGSS), led by Jefferson G. Cheng.

“Lance Y. Gokongwei, Chairman and President of Cebu Air, Inc., welcomed this development as this investment by Mr. Cheng and PAGSS brings decades of experience in ground handling for the benefit of airline passengers,” the company said.

PAGSS is a ground-handling service company based at the Ninoy Aquino International Airport (NAIA). It currently works with several airlines, such as Cathay Pacific, EVA Air, Singapore Airlines and Etihad.

Cebu Pacific created 1Aviation in March after Manila International Airport Authority did not renew the contract of MIASCOR Ground Handling Corp. due to incidents of luggage theft involving the latter’s employees.

MIAA’s contract with MIASCOR ended on April 21.

Cebu Air reported its first quarter net income increased by 12% to P1.437 billion, driven by higher passenger revenues after it increased fares by an average of 10%.

The budget carrier earlier said it targets to fly 22 million passengers by the end of the year, 12% higher than last year’s 19.7 million. — Denise A. Valdez

 

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PRAD NAIA Terminal1 0919-9128457 PRAD Laguindingan 0919-9128468
PRAD NAIA Terminal2 0919-9128458 PRAD Laoag Airport 0998-5864834
PRAD NAIA Terminal3 0919-9128451 PRAD Legaspi Airport 0919-9128461
PRAD NAIA Terminal4 0919-9128470 PRAD Mactan-Cebu Int'l. 0919-9128464
PRAD Clark Int'l .Airport 0919-9128471 PRAD Naga Airport 0919-9128462
PRAD Bacolod Airport 0998-5864828 PRAD Ozamis Airport 0998-5864835
PRAD Basco Airport 0998-5864829 PRAD Pagadian Airport 0998-5864836
PRAD Boracay Airport 0919-9128453 PRAD Puerto Princessa 0998-5864837
PRAD Busuanga Airport 0919-9128460 PRAD Roxas Airport 0998-5864838
PRAD Butuan Airport 0998-5864830 PRAD Siargao Airport 0919-9128456
PRAD Camiguin Airport 0998-5864831 PRAD Surigao Airport 0998-5864839
PRAD Davao Int'l. Airport 0919-9128469 PRAD Tacloban Airport 0998-5864840
PRAD Dipolog Airport 0998-5864832 PRAD Tagbiliran Airport 0919-9128465
PRAD Dumaguete Airprot 0998-5864833 PRAD Tugeugarao Airport 0998-5864841
PRAD General Santos 0919-9128467 PRAD Virac Airport 0919-9128463
PRAD Iloilo Int'l .Airport 0919-9128466 PRAD Zamboanga Airport 0998-5864842
PRAD Kalibo Int'l. Airport 0919-9128454

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