PAL Holdings net loss swells to P445M in first half
Flag carrier operator PAL Holdings Inc. saw its first semester net loss widen by 60 percent to P444.78 million on surging fuel prices and fierce competition.
In a filing with regulators, PAL Holdings Inc. said total expenses shot up by 15 percent to P75.57 billion, largely due to higher gas prices. Fuel expenses jumped by 27.3 percent as a result of the increase in average price per barrel of aviation fuel from $ 74.99 last year to $ 91.08.
Financing charges also soared 44 percent to P2.29 billion due to the financing of six additional aircraft and other secured loans.
In the second quarter alone, PAL incurred a P243.11 million loss, a reversal of the P254.3 million profit recorded in the same quarter a year ago.
First half revenues grew 13.3 percent to P75.13 billion, primarily due to the increase in passengers and cargoes carried as a result of increase in number of flights operated as well as improvement in yields.