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Philippine Airlines revenue down 15%, net loss narrows for nine months to 31-Dec-2009

22-Feb-2010 11:38 AM

Philippine Airlines (PAL) reports the following financial highlights for the nine months ended 31-Dec-2009 (Philippine Daily Enquirer/ABS-CBN News, 19-Feb-2010/20-Feb-2010):

  • Revenue: USD1,080 million, -15% year-on-year;
  • Total cost: USD1,100 million, -30%;
  • Net profit (loss): (USD40.2 million), compared to a loss of USD330.2 million in the previous corresponding period;
  • Passenger numbers: 7.0 million, +7.3%;
  • Passenger traffic (RPKs): -3.2%;
  • Passenger load factor: 73.9%, -2.2 ppts.

Philippine Airlines: “[The net loss was] primarily the result of diminished revenues brought about by the global economic slowdown that continues to depress air traffic…Despite the improvement in the fuel scenario, this item still accounts for the bulk of PAL’s operating expenses, making the flag carrier vulnerable to the volatile price swings of the commodity in the world market,” Company statement. Philippine Daily Enquirer, 19-Feb-2010.