Cebu Pacific swung to net loss in Q1 on weak peso

MANILA, Philippines – A weaker peso grounded Cebu Pacific into a net loss in the first quarter despite higher revenues and stronger passenger traffic this period. In a disclosure on Wednesday, the Gokongwei-led budget carrier said it posted a net loss of P400 million in the first quarter, reversing the P466-million profit it recorded in the same period last year. It added that foreign exchange losses had effect on its earnings. READ: Peso sinks deeper into 60-level, sets new record low Cebu Pacific said the peso’s depreciation resulted in a noncore foreign exchange loss of P1.8 billion. The airline also flagged […]... Keep on reading: Cebu Pacific swung to net loss in Q1 on weak peso

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