MANILA, Philippines – High expenses weighed on the earnings of Cebu Air Inc., the operator of budget carrier Cebu Pacific, in the first quarter of the year.
Cebu Air said its net income in January to March went down 19.8% to P962.40 million from P1.2 billion in the same months last year.
It said revenues grew 24% to P9.34 billion, but were offset by high expenses.
The company’s consolidated expenses jumped 30.83% to P8.87 billion as the cost of flying rose 41.5% to P5.132 billion. – Rappler.com