CebuPac Q1 net income tumbles 85.8%

Low-cost carrier Cebu Pacific’s net income for the first quarter of 2014 plunged 85.8 percent to P164.164 million from P1.157 billion earned in the same period last year.

The decline was attributed to cost increases driven by the peso depreciation, “which led to an increase in Cebu Pacific’s dollar-based expenses,” Cebu Pacific vice president for corporate affairs, lawyer Jorenz Taneda, said in a text message.