PAL Holdings net loss doubles in 3QFY2013

PAL Holdings reported its net loss widened in the three months ended 31-Dec-2012 due to increasing costs and the appreciation of the peso, according to reports from Business World Online and Manila Standard Today. The carrier reported the following financial highlights for three months ended 31-Dec-2012:

• Revenue: PHP16,830 million (USD408.7 million), +0.3% year-on-year;
• Costs: PHP19,440 million (USD472.1 million), +6.8%;
• Net profit (loss): (PHP2960 million) (USD71.9 million), compared to a loss of PHP1460 million (USD35.5 million) in p-c-p.

*Based on the average conversion rate at USD1 = PHP41.1801 for three months ended 31-Dec-2012