Cebu Air, Inc., the operator of budget carrier Cebu Pacific, recorded an attributable net loss of P5.49 billion in the second quarter, reversing the P8.51-billion attributable net income it posted in the same period last year, according to BusinessWorld.
The company's revenue increased 7.1% to P35.24 billion in the three months ended June, from P32.91 billion a year earlier, but expenses grew faster, pushing the bottom line to a net loss.
The results cover the April-to-June period, typically a strong travel season for Philippine airlines. Despite higher revenues, cost pressures continued to weigh on earnings, leading to the quarterly loss.