Cebu Air Inc., operator of Cebu Pacific and Cebgo, said net income fell 36 percent in the first nine months of the year on higher operating costs and foreign exchange losses.
Cebu Air said net income amounted to P2.78 billion in the January-to-September period from P4.376 billion on year.
The company generated revenues of P54.03 billion in nine months, up 7.4 percent from P50.331 billion a year ago.
Passenger revenues rose 7.1 percent to P39.537 billion from P36.92 billion reported in the same period last year.
Cebu Air said the improvement in passenger revenue was largely due to the 5.4-percent increase in average fares to P2,617 from P2,483 last year.
The growth in passenger volume by 1.6 percent to 15.106 million from 14.873 million last year also contributed to the increase in revenues.
Cargo revenues also increased 24.6 percent to P4.09 billion from P3.28 billion last year following the higher the volume of cargo transported in 2018.