PAL Holdings revenue down 19.5%, losses narrow in 3QFY2010

Philippine Airlines' parent, PAL Holdings revenue down 19.5% - financial highlights (according to the Philippine accounting standard):

• Three months ended 31-Dec-2009:
  • Revenue: USD368.5 million, -19.5% year-on-year;
  • Total cost: USD383.7 million, -40.6%;
  • Operating profit (loss): (USD15.2 million), compared to a loss of USD188.3 million in the previous corresponding period;
  • Net profit (loss): (USD18.9 million), compared to a loss of USD189.6 million in the previous corresponding period;
• Nine months ended 31-Dec-2009:
  • Total revenue: USD1,116 million, -11.2%;
  • Total cost: USD1,136 million, -27.4%;
  • Operating profit (loss): (USD19.9 million), compared to a loss of USD308.2 million in the previous corresponding period;
  • Net profit (loss): (USD36.3 million), compared to a loss of USD252.5 million in the previous corresponding period. [more]

*Based on the conversion rate at USD1 = PHP45.88

PAL Holdings: "The decrease [in revenues] was brought about mainly to the drop in passenger revenues offset in part by other income earned during the period. The decline in passenger revenues by 23% was primarily brought about by lower net yield per Revenue Passenger Kilometer (RPK) and the continued decline in passenger demand from international operations affected PAL's revenue generation," Company statement. Source: PAL Holdings, 09-Mar-2010.