27-Jul-2010 11:56 AM

PAL losses narrow in FY2010

Philippine Airlines (PAL) reported the following financial highlights for the 12 months ended 31-Mar-2010 (Inquirer.net, 25-Jul-2010):

  • Revenue: USD1,360 million, -15.0% year-on-year;
  • Total costs: USD1,350 million, -27.4%;
  • Profit (loss): (USD14.3 million), compared to a loss of USD297.8 million in p-c-p.

PAL attributes the loss to continuing weak demand, particularly in the international market. PAL stated it will continue to introduce revenue enhancement programmes, cash generating strategies and cost control initiatives, including the proposed outsourcing of three of its non-core units.