PAL net loss for Jan-September period at P3.5 billion

November 12, 2017

Philippine Airlines (PAL) posted a net loss from January to September this year on higher flying operations due to costlier jet fuel prices.

PAL said it recorded a total comprehensive loss of P3.5 billion in the period, a significant downturn from the P2.96 billion total comprehensive income in the same period of last year.

In the third quarter, PAL posted a total comprehensive loss of P2.49 billion, 49.9 percent higher than last year’s P1.66 billion losses.

Revenues for January to September totaled P98.63 billion, 15.6 percent higher than last year’s same period figure of P85.35 billion.

Passenger revenues amounted to P81.96 billion from last year’s P71.47 billion, while cargo revenues amounted to P6.09 billion from P4.94 billion.

Revenues in the third quarter amounted to P3.09 billion, 11.1 percent higher from last year’s P27.78 billion.

"The increase was attributable to the growth in passenger and cargo traffic as well as ancillary revenues, resulting from additional flight frequencies and introduction of new routes,” PAL said.

Total expenses grew by 27.3 percent to P103.82 billion from P81.55 billion primarily due to increase in flight frequencies and introduction of new routes.

The escalation in average jet fuel price per barrel from $ 65.90 in 2016 to $ 73.92 in 2017 and the additional flights operated during the period, resulted in a 50.4 percent  increase in fuel costs over last year’s same period total of P18,65 billion. DMS