SINGAPORE -- Shares of Cebu Air soared in the Philippines Monday on strong quarterly earnings and news of a regional alliance with other low-cost carriers.
The stock climbed to 94.80 pesos at one point, the highest since Aug. 17, 2015, before finishing the day at 93.75 pesos, up 1.9% from Friday.
The airline said after the market closed Friday that net profit surged 81% to 4 billion pesos ($86.1 million) in the first three months of this year. Revenue rose 13% to 16 billion pesos, as increased routes drew more passengers.
Investors also cheered the formation of the Value Alliance by a group of eight Asia-based budget airlines for cooperation in ticket sales and luggage management. The octet also includes Scoot and Tigerair, both of which are Singapore Airlines subsidiaries, and Vanilla Air, an affiliate of Japan's All Nippon Airways.