PAL Holdings reports profit decline in 2Q2016 as costs rise

PAL Holdings revenue up 1% - financial highlights:

• Three months ended 30-Jun-2016:
• • Revenue: PHP28,451 million (USD611.3 million), +0.5% year-on-year;
  • • Passenger: PHP23,870 million (USD512.9 million), -0.5%;
    • Cargo: PHP1620 million (USD34.8 million), -0.8%;
  • Costs: PHP27,190 million (USD584.2 million), +5.4%;
  • Operating profit: PHP1261 million (USD27.1 million), -49.9%;
  • Net profit: PHP1633 million (USD35.1 million), -21.6%;
• Six months ended 30-Jun-2016:
• • Revenue: PHP57,574 million (USD1228 million), +2.3%;
  • • Passenger: PHP48,518 million (USD1035 million), +3.1%;
    • Cargo: PHP3086 million (USD65.8 million), -18.3%;
  • Costs: PHP53,416 million (USD1139 million), +5.8%;
  • • Fuel: PHP12,975 million (USD276.7 million), -14.3%;
  • Operating profit: PHP4158 million (USD88.7 million), -28.2%;
  • Net profit: PHP4613 million (USD98.4 million), -21.3%;
  • Total assets: PHP116,754 million (USD2490 million);
  • Cash and cash equivalents: PHP10,231 million (USD218.2 million);
  • Total liabilities: PHP101,992 million (USD2175 million). [more - original PR]

*Based on the average conversion rate at PHP1 = USD0.021485 for 2Q2016
*Based on the average conversion rate at PHP1 = USD0.021329 for 1H2016