Low-cost carrier Cebu Pacific said its first quarter net income fell 68.2 percent to P1.28 billion from P4 billion a year ago due to increased expenses arising from higher fuel prices coupled with a weaker of Philippine peso.The airline told the stock exchange on Wednesday that its operating expenses swelled by 20.3 percent to P14.3 billion in the first quarter as the peso depreciation affected fuel, aircraft and engine lease, and repairs and maintenance expenses, and also contributed to the increase in international airport charges.
However, it said revenues continued to grow by 4.7 percent to P16.86 billion, driven by increases in passenger and cargo volumes and ancillary revenue. Cebu Pacific operates a fleet of 59 aircraft and serves 62 domestic routes and 41 international routes with a total of 2,870 scheduled weekly flights from seven hubs in the Philippines.
