Cebu Pacific posts Q3 loss as expansion continues

Philippines' Cebu Pacific posted a PHP518.4m ($9.6m) loss for the 2018 Q3 as rising costs, a weak peso against the US dollar and fleet expansions took their toll. Cebu, which posted a PHP4.2m net profit for the same period in 2017, saw revenue of PHP16.2b for the quarter ending September 30, but operating costs during the same period were PHP16.8b. The airline also saw a slight 0.5% drop in passengers to 4.75m. For the first nine months in 2018, the carrier still achieved a profit of PHP2.78b, albeit down 36.5% versus 2017. Air cargo saw double digital revenue growth of 24.6%. Cebu said operating costs grew 15.8% from PHP43.1b to PHP49.9b. Fuel costs rose by 28.3% to PHP18.7b. The airline also pointed to the costs associated with an accelerated expansion plan. The airline has acquired five Airbus A321ceos and three ATR72-600s this year and announced that it will lease five A320neos.<br/>