Philippine Airlines forecast revenues to fall to USD1.4-1.5 billion for year ending 31-Mar-2010

Philippine Airlines forecasts revenues will fall to USD1.4-1.5 billion for the 12 months ending 31-Mar-2010, compared to USD1.6 billion in FY2008-09, due to weak international demand (Manila Times, 15-Mar-2010). However, PAL stated it is starting to see an improvement in demand, and expects its international and domestic promotions to boost earnings in the next financial year, commencing 01-Apr-2010. PAL plans to offer 300,000 seats under a promotional sale to run over the entirety of the year. PAL also plans to decide over the next 12 months if it will exercise options for a further four new B777-300ER aircraft, depending on whether the US FAA upgrades The Philippines' safety category.

Philippine Airlines: "We are looking to grow the market. We're seeing an improvement on the international…and the domestic market is expected to continue growing," Richard Miller, Chief Commercial Group Adviser. Source: Manila Times, 15-Mar-2010.