Philippine Airlines' horror third quarter, -53% net margin

PAL Holdings, the parent of Philippine Airlines, had a disastrous quarter ended Dec-08, registering a net margin of -53% in the period - one of the worst results of airlines globally recorded to date by the Centre for that period. The massive USD215.9 million net loss included USD42.4 million in actual and mark-to-market losses from its fuel hedging contracts. The company reported a net loss of USD17 million in the same period last year (attributed to a USD26 million currency loss).