Cebu Air Inc. said Thursday net income doubled in the first nine months of the year due to higher passenger traffic and cheaper jet fuel prices.
The airline company owned by industrialist John Gokongwei said net income amounted to P7.09 billion in the January-to-September period from P3.56 billion year-on-year.
Cebu Air said revenues rose 10.5 percent to P46.69 billion from P42.30 billion last year.
Passenger revenues grew 10.1 percent to P35.36 billion in the first nine months from P32.13 billion posted in the same period last year.
The airline attributed the increase to the 6-percent growth in passenger volume to 14.48 million from 13.65 million in 2015.
Cargo revenues increased 2.5 percent to P2.549 billion from P2.488 billion last year.
The group incurred operating expenses of P37.24 billion during the period, up 5.7 percent from P35.22 billion last year.
Flying operations expenses decreased 8.2 percent to P14.688 billion from P15.997 billion incurred in the same period last year.
It attributed the lower expenses to the 12.8-percent decline in aviation fuel expenses to P11.825 billion from P13.57 billion for the same period last year following the drop in jet fuel prices.
Jet fuel prices averaged at $50.25 per barrel in the first nine months from $68.13 per barrel in 2015.
The drop in fuel prices, however, was partially offset by the weakening of the Philippine peso against the US dollar to an average of 46.96 from P45.06 last year.
