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Cebu Pacific, Philippines, to lease two aircrafts to Saudi flyadeal during lean months

Cebu Pacific, a Philippine budget airline, announced on Wednesday that it would "wet-lease" two Airbus A320 to Saudi budget airline flyadeal in order to generate revenues from its excess capacity when the low season months are approaching.

Cebu Pacific, in the wet-lease contract, will lease its narrow body aircraft to flyadeal, including its crew, pilots and maintenance during the Philippines' lean summer months of July and August. This is a busy time for the Saudi carrier.

Flyadeal CEO Steven Greenway said at a press briefing that "we have this natural synergy where my peak isn't his and vice versa."

Cebu Pacific CEO Michael Szucs stated that this was the first time budget airline had leased its planes. He also said that more aircraft would be available for lease as new orders of its fleet arrive.

Szucs said at the briefing that "we're testing out the waters."

Cebu Pacific announced last year that it would purchase 720 Airbus A321neo planes to meet its fleet requirements for the long term. (Reporting and editing by John Mair; Mikhail Flores)

(source: Reuters)