Top Philippine carrier Cebu Pacific saw its first half net profit plunge 22.9 percent, due mainly to a huge spike in the price of aviation fuel, the airline said.

Net income after taxes dropped to 2.44 billion pesos (US$57.47 million) in the six months to June, even as revenues grew 12.1 percent to 16.73 billion pesos, its corporate vehicle Cebu Air Inc. said in a statement this week.

While passenger revenues rose 7.6 percent, cargo revenues dropped 3.7 percent compared to last year, when national elections perked up cargo volumes.

Expenses meanwhile shot up 29.5 percent to 14.595 billion pesos.

"Aviation fuel expenses grew by 50.1 percent... Growth in aviation fuel expenses was further influenced by the increase in the volume of fuel consumed consequent to the increased number of flights year-on-year," it added.

The low-cost airline currently operates 33 aircraft and flies 51 domestic and 24 Asian routes.

In June it announced plans to acquire 37 Airbus jets worth US$3.8 billion in the nation's biggest-ever aircraft order.