PAL parent firm reports lower first quarter loss

May 12, 2019

The parent firm of Philippine Airlines saw a lower comprehensive loss in the first quarter on higher passenger revenues.

PAL Holdings Inc. said losses amounted to P60.81 million in the January to March period from P201.63 million in the same period last year.

Consolidated revenues for the first quarter amounted to P39.27 billion, up 7.2 percent than last year’s same period total of P36.62 billion.

“The P2.65 billion improvement in revenues was primarily due to the increase in number of passengers as a result of additional flight frequencies and introduction of new routes,” PAL Holdings said.

Consolidated expenses increased to P36.81 billion, 0.2 percent higher than P36.74 billion during the same period last year. Higher expenses were mainly due to higher maintenance, aircraft and traffic servicing and reservation and sales.

“This was partly offset by the decrease in flying operations and passenger service expenses,” it added.

Flying operations expenses decreased by 3.4 percent to P19.15 billion from P19.82 billion for the three months ended March last year primarily due to decrease in fuel expenses.

Passenger service expenses decreased by 6.4 percent due to lower passenger food and cabin crew costs.

Maintenance expenses increased to P5.12 billion, 8.2 percent higher than last year’s quarter figure of P4.73 billion due to new aircraft deliveries which started during the second quarter of 2018. DMS