Cebu Pacific sees earnings dip 44%
Cebu Air Inc., the operator of budget carriers Cebu Pacific and Cebgo, said Thursday net income in the first half fell 43.6 percent in the first semester from a year ago, on costlier jet fuel prices and weak peso.
The airline company controlled by tycoon John Gokongwei, reported a net income of P4.33 billion in the January to June, down from P7.68 billion in the same period in 2016.
Cebu Pacific posted revenues of P35.66 billion in the first six months, up 7.7 percent from P33.09 billion last year. Passenger revenues went up 5.3 percent to P26.62 billion from last year’s P25.28 billion as average fares rose 4.6 percent to P2,637 in the six-month period this year from P2,522 in the same period last year.
Cargo revenues grew 21.9 percent to P2.07 billion from P1.7 billion last year.
Jet fuel prices averaged $62.51 per barrel in the first six months, up from $48.22 per barrel in 2016.