Manila Standard Today
February 21, 2012
by Jenniffer B. Austria
Philippine Airlines Holdings Inc., the parent company of flag carrier Philippine Airlines, posted a P3.6-billion net loss in the first three quarters of its fiscal year ending December, a reversal from P3.2-billion net profit posted in the same period last year due to lower income from operations.
PAL’s full fiscal year begins in April and ends in March of the following year.
PAL Holdings, in a financial report filed with the Philippine Stock Exchange, said revenues reached P54.38 billion in nine months to December, down 2 percent from P55.22 billion in the same period a year ago.
“Decline in revenues can be attributable mainly to decrease in passenger and cargo revenues by 13 percent, offset by the increase in other income earned during the period,” PAL Holdings said.
“The drop in passenger revenues by 1 percent was brought about mainly by the effect of the peso-dollar exchange rate fluctuations,” it added.
Other revenues, which were up by 9 percent, included lease income from aircraft operating lease arrangements with an entity under common control, excess baggage revenues and ancillary revenues generated mainly from other passenger transport services.
Total expenses jumped to P57.97 billion from P51.67 billion, owing to higher expenses related to flight operations, aircraft and traffic servicing, reservation and sales and other expenses.
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