Philippine Airlines 'cautiously optimistic' of return to profitability this year
Philippine Airlines President and COO, Jaime Bautista, stated the carrier is “cautiously optimistic” it can return to profitability in the current FY2011, as domestic and international demand recovers (The Manila Times, 01-Oct-2010). Vice President of Revenue Management, Ianthe Aquino, stated PAL expects to earn USD1.5 billion-1.6 billion in revenue for the year. The carrier reported a net loss of USD14.4 million in the 12 months ended 31-Mar-2010, with revenues of USD1.4 billion. It reported a net profit of USD31.6 million in 1Q2011, down 11% year-on-year. However, Mr Bautista warned PAL has a number of challenges to overcome before reaching profitability.
Philippine Airlines: “The outlook for PAL is to be profitable. We want to report a profit. We always try to have a budget which will show a profit … The airline industry is slowly recuperating, the economy is getting revitalised and the demand for air travel is gradually getting better,” Jaime Bautista, President and COO. Source: The Manila Times, 01-Oct-2010.