PAL books loss of $39.4M

0
432

PHILIPPINE Airlines posted comprehensive losses of $39.4 million in the second quarter of its current fiscal year compared to a comprehensive income of $26.7 million in the same period last year due to the continued surge in jet fuel prices.

In a report to the Philippine Stock Exchange, PAL said revenues totaled $420.4 million from July to September, a 4.7% increase from the $401.6 million recorded year-on-year.

The firm’s fiscal year began in April.

Total expenses grew 22.6% or $84.8 million to $459.7 million. Jet fuel, the company’s largest expense account, jumped 33.9% or $48.3 million to $190.8 million from $142.5 million. For the period in review, average jet fuel prices rose to $131.99 per barrel from $94.92 per barrel.

Meanwhile, PAL mother firm PAL Holdings’ consolidated total comprehensive loss amounted to P2.169 billion from July to September, a significant downturn of 186% from last year’s comprehensive income of P2.513 billion.

Total revenues decreased slightly to P37.594 billion from P37.70 billion following a decline in passenger and cargo revenues by 1% and 9%, respectively.

The drop in passenger revenue stemmed from effects of peso-dollar rate fluctuations. Had there been no change in the exchange rate, a positive figure should have been posted as a result of the 11.1% improvement in yields generated from passenger seat offerings, the company said.

Other revenues rose 15%, including lease income arising from aircraft operating lease arrangements, and excess baggage ancillary revenues generated mainly from other passenger transport services.

Expenses accelerated 14% on account of higher flying operations which grew 19%, aircraft and traffic servicing by 4%, and reservations and sales by 9%.

Lower aircraft, component and engine repair costs incurred during the period decreased maintenance expense by 14%.