Tuesday, January 19, 2021
Home Aviation PAL narrows Q1 loss by almost 70%

PAL narrows Q1 loss by almost 70%

Philippine Airlines (PAL) reported a net loss of P60.81 million for the quarter of 2019, 69.8% lower than the P201.63 million posted in the same period last year.

Revenues for the first three months of 2019 amounted to P39.27 billion, 7.2% higher than P36.62 billion earned year-on-year. In a regulatory disclosure, PAL said the improvement in revenues was primarily due to the increase in the number of passengers as a result of additional flight frequencies and introduction of new routes.

Passenger revenue, which accounts for the bulk of the total, rose 7% to P34.237 billion from P32.043 billion last year. Revenue from cargoes, on the other hand, fell 2.3% to P2.204 billion from P2.256 billion last year.

Revenue from ancillary services grew 22% to P2.802 billion from P2.296 billion.

Consolidated expenses for the first quarter of 2019 increased 0.2% to P36.81 billion from P36.74 billion in the same period last year, mainly on account of higher expenditures on maintenance, aircraft and traffic servicing, and reservation and sales. This was partly offset by the decrease in the cost of flying operations and passenger service.

As of March 2019, PAL owns a fleet of 97 aircraft. The airline expects the scheduled delivery of one Airbus A350-900 in April 2019, as well as the delivery of 15 Airbus 321-231 NEO, with two scheduled for delivery in June 2019 and the remaining 13 aircraft to be delivered between 2020 and 2024. Two DHC 8-400 (Q400 NextGen) aircraft are also set for delivery this October and November.

In February last year international air transport rating organization Skytrax had certified PAL as a 4-star airline, making the carrier the first and only airline in the Philippines to earn such rating.

PAL earlier said it will continue to focus on its next major goal—to enhance its position as the country’s only full-service airline with a global network and to eventually earn the highest recognition of 5-star certification.


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