(MENAFN- The Peninsula) Cebu Pacific saw its half-year net profit soar 63 percent as low fuel costs helped it take full advantage of higher passenger and cargo traffic, the Philippines' largest airline said yesterday.
The carrier reported a net income of 5.2bn pesos ($112m) for the January to June period, compared to 3.2bn pesos a year earlier.
However, profit was down slightly to 2.9bn pesos from 3bn pesos in the three months to June as the cost of the company renewing its fleet and foreign exchange losses due to a rising dollar offset revenue gains.
Passenger revenues in the first half grew 9.4 percent to 22.8bn pesos, as increased flights drove traffic 8.2 percent higher to 9.2 million passengers, it said.
Cargo revenues grew 11.4 percent to 1.6bn pesos. "The group generally records higher domestic revenue in January, March, April, May and December as festivals and school holidays in the Philippines increase seat load factors," the company told the stock exchange in a disclosure.
Rival Philippine Airlines reported on Tuesday a near 10-fold increase in net profit to 5.8bn pesos, citing peak demand.
A spokesman for Cebu Pacific was not available to comment on the stock exchange filing.
Cebu Pacific's budget carrier model has thrived in the archipelagic nation of 100 million people. It flies to 34 domestic destinations and 28 others overseas, catering mostly to tourists and expatriate Filipino workers.
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