Philippine Airlines Q1 net profit up 73 pct on improved passenger traffic
MANILA (XFNews) - Philippine Airlines Inc (PAL) said it posted a net profit of 27.5 mln usd for the first quarter to June, up a hefty 73 pct from 15.9 mln in the same period last year, as higher passenger volume offset the impact of higher fuel costs.
"The increase in revenue of 19.9 mln usd was brought about mainly by the increase in passenger revenues amounting to 18.1 mln usd," PAL said in notes accompanying its results filed with the Securities and Exchange Commission.
Total operating expenses rose by 11 pct year-on-year to 226.7 mln usd, mainly due to higher fuel costs and maintenance expenses, PAL said.
It said maintenance expenses grew 26 pct year-on-year or by 9.2 mln usd to 44.3 mln due mainly to higher aircraft, component and engine repair cost.
PAL was reporting its quarterly results denominated in US dollars for the first time. Previous results were denominated in Philippine pesos.
PAL booked a lower foreign exchange loss of 939,000 usd in its first quarter, compared to a loss of 5.8 mln usd a year earlier. It said this was the result of the peso appreciation against the US dollar to 54.60/usd on June 30 this year from 56.00 a year earlier.