Oil hits top Philippine carrier’s interim profit

Top Philippine carrier Cebu Pacific saw its first half net profit plunge 22.9 percent, due mainly to a huge spike in the price of aviation fuel, the airline said.

Net income after taxes dropped to 2.44 billion pesos ($57.47 million) in the six months to June, even as revenues grew 12.1 percent to 16.73 billion pesos, its corporate vehicle Cebu Air Inc. said in a statement this week.

While passenger revenues rose 7.6 percent, cargo revenues dropped 3.7 percent compared to last year, when national elections perked up cargo volumes.