Philippines-based low-cost carrier (LCC) Cebu Pacific Air reported first-quarter net income of PHP2.2 billion ($50 million), up significantly from a PHP164.2 million profit in the year-ago period. The airline said the results were due to “bullish income and passenger growth in key markets, lowest possible fares and network expansion.” Revenue rose 20.7% to PHP14.2 billion while expenses increased 1% to PHP11.4 billion. Passenger revenues grew 22.2% to PHP10.8 billion and cargo ...

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