PAL Holdings reported USD84m net loss in FY2012

PAL Holdings, parent of Philippine Airlines, reported a net loss of PHP3630 million (USD84.4 million) for the 12 months ended 31-Mar-2012, compared to a profit of PHP2533 million (USD58.9 million) in the previous corresponding period, according to a Business World report. Details include:

• Revenues: PHP74,053 million (USD1722 million), -0.7% year-on-year;
• Costs: PHP79,390 million (USD1846 million), +10.9%;
  • Flying operations: +16%;
• Net profit (loss): (PHP3630 million) (USD84.4 million), compared to a profit of PHP2533 million (USD58.9 million) in p-c-p.

PAL president Ramon Ang earlier stated the group will be profitable this year with the launch of new international routes.