Philippine low-cost carrier (LCC) Cebu Pacific reported net income of $11.5 million for 2013, down 86% from $80 million in 2012. Cebu president and CEO Lance Gokongwei said 2013 was a difficult financial year. The carrier reported a 50.4% market share in the domestic Philippine market, together with relatively good load factors of 81.9% and increases in passenger numbers across both domestic and international flights for 2013. However, these indicators were dragged back by reduced ...

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