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Cebu Pacific said Wednesday its net income fell 5.4 percent in the first half of 2024 mostly because of costlier jet fuel prices and weak peso.
The group incurred operating expenses of P45.95 billion, higher by 15.5 percent than P39.790 billion incurred in the same period last year. The company said the weakening of the Philippine peso against the US dollar from an average of 55.25 to 56.91 against the greenback, based on the Philippine Bloomberg Valuation weighted average rates, also contributed to the increase in operating expenses.
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