MANILA - Cebu Pacific, the country's largest carrier, said Thursday net income in the April to June period, fell 16 percent as costs outpaced revenues.
Net income attributable to shareholders fell to P3.05 billion from P3.64 billion during the same period in 2016, the airline told the stock exchange.
This brought net income in the first half to P4.33 billion, a 44-percent decline from P7.68 billion during the comparable period last year, according to the disclosure.
Cebu Pacific shares were down 1.27 percent to P100.70 in early trading after the earnings numbers were released.
The peso's weakness against the dollar appeared to have bloated the price of jet fuel, driving up costs for the Gokongwei-led airline, Diversified Securities trader Aniceto Pangan told ANC's Market Edge with Cathy Yang.
Gross expenses in the second quarter grew 13 percent to P14.70 billion from P12.99 billion in the previous year, Cebu Pacific said without elaborating.
Gross revenues during the same period grew 10 percent to P18.79 billion from P16.98 billion.