Cebu Pacific books lower profit in 2017

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A CEBU Pacific A320 airbus plane taxis past the Ninoy Aquino International Airport Terminal 3 in Manila in this photo taken Sept. 5, 2005. — AFP

Cebu Pacific (Cebu Air Inc.) posted a net income of P7.91 billion for 2017, 18.9% lower than the P9.75-billion it earned in 2016, primarily due to aircraft expenses and depreciation of the peso against the dollar, the company said in a disclosure to the stock exchange.

The Gokongwei-led airline said it generated revenues of P68.03 billion for the year ending December 31, 2017, 9.9% higher than the P61.9-billion revenues earned in 2016.

Shares for Cebu Air were down P3.90 or 4.15% to end at P90.00. — Patrizia Paola C. Marcelo