The parent company of Philippine Airlines saw a lower net loss in the first half, on the back of higher revenues from its passenger and cargo businesses.
PAL Holdings Inc. said total comprehensive loss declined to P1.05 billion in January to June from the P4.62-billion loss it reports in the same period last year.
PAL said in the second quarter alone, it posted a comprehensive loss of P150.6 million, a reversal of the total comprehensive income P1.9 billion a year ago.
Total revenues in the first half grew 17.7 percent to P67.76 billion from P57.57 billion a year ago. Revenues in the second quarter went up 21 percent to P34.43 billion from P28.45 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 Holdings said.
Total expenses in the six-month period increased 32.5 percent to P52.31 billion. “This was primarily due to higher expenses related to flying operations, maintenance, aircraft and traffic servicing, passenger service, reservation and sales and general and administrative expenses,” PAL Holdings said.