Philippine Airlines reports modest profit in Dec-2010 quarter

Philippine Airlines reported the following financial highlights for the three months ended 31-Dec-2010 (Malaya, 18-Feb-2011):

• Revenue: USD397 million, +21% year-on-year;
• Total costs: USD381.8 million, +18%;
• Profit: USD15.1 million, compared to a loss of USD22.9 million in p-c-p.

The carrier stated it reported increasing passenger traffic and yields during the period but sees raising fuel prices as a threat to continued profitability. PAL remains the market leader in the international market but has been overtaken by Cebu Pacific in the domestic market.