MANILA - Cebu Pacific Air said Monday its net income fell 51 percent to P3.9 billion in 2018, as it reeled from high fuel prices, a weak peso and the 6-month closure of Boracay Island.

The Philippines' largest carrier also cited increased competition and the operational limits of some airports as part of the "challenging" environment last year.

Higher demand for air travel and a growing cargo business led to a 9-percent jump in revenues to P74.1 billion, the Gokongwe-led carrier said.

“Despite the pressures posed in 2018, we remained resilient, said Cebu Pacific COO Michael Ivan Shau, adding that 2019 "will be a different story."

Cebu Pacific said it flew 20.3 million passengers last year, 2.7 percent higher compared to 2017.

Cebu Air
2018
Net Income: P3.9-B (down 51%)
Revenue: P74.1-B (up 9%)
- cites higher fuel prices, volatile PHP, rising interest rates, increased competition, 6-month closure of Boracay and operational limitations in PH airports @ANCALERTS

— Michelle Krystle Ong (@michelle_d_ong) March 18, 2019

In 2019, Cebu Pacific will invest in aircraft technology, develop secondary hubs, grow its cargo business and continue with its digital transformation "to be more agile and adaptable to changing customer expectations," Shau said.

Cebu Pacific is expecting the arrival of 10 new aircraft this year, he said.

-- with a report from Michelle Ong, ABS-CBN News