MANILA: Top Philippine carrier Cebu Pacific saw its first half net profit plunge 22.9 percent, due mainly to a huge spike in the price of aviation fuel, the airline said.
Net income after taxes dropped to 2.44 billion pesos ($57.47 million) in the six months to June, even as revenues grew 12.1 percent to 16.73 billion pesos, its corporate vehicle Cebu Air Inc. said in a statement this week.
While passenger revenues rose 7.6 percent, cargo revenues dropped 3.7 percent compared to last year, when national elections perked up cargo volumes.
Copyright APP (Associated Press of Pakistan), 2011
Copyright AFP (Agence France-Presse), 2011
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