Cebu Air boosts 2015 capex to $280M

Cebu Air Inc., the listed operator of budget carrier Cebu Pacific Air, has increased its capital expenditure to $280 million this year to fund the airline’s fleet acquisition.

“This year’s capex is quite substantial. It’s about $280 million. It’s primarily for the acquisition of four A320s, as well as predelivery payments on our upcoming ATRs and ATI Neos,” Lance Y. Gokongwei, president and chief executive officer, told reporters after the company’s annual stockholders meeting late Wednesday