The parent company of Philippine Airlines said comprehensive net loss widened by 355 percent in the first half to P3.01 billion from P661.56 million in the same period last year.
PAL Holdings Inc. said consolidated revenues from January to June rose 8.6 percent to P81.25 billion from 74.85 billion in support of the growth in flights and revenues.
“The increase was attributable to the growth in passenger and ancillary revenues, resulting from additional flight frequencies and introduction of new routes,” PAL Holdings said.
This was offset in part by the reduction in cargo revenues by 6.1 percent.
Consolidated expenses for the period increased 3.3 percent to P77.75 billion from P75.27 billion a year ago. Financing and other charges increased to P6.27 billion from P902 million a year ago.