Philippine Airlines revenue up 9% in 1H2019 with growth in pax revenue and ancillaries

Philippine Airlines reported (13-Aug-2019) the following financial highlights during 1H2019:

• Consolidated revenue of PHP81.25 billion (USD1.55 billion), 8.6% year-on-year increase due to the growth in passenger and ancillary revenues, resulting from additional flight frequencies and introduction of new routes;
• Consolidated expenses for the period increased to PHP77.75 billion (USD1.49 billion), a 3.3% increase driven by increased depreciation;
• Maintenance costs increased by 7.8% due to additional aircraft deliveries;
• Other comprehensive loss of PHP28.91 billion (USD554 million) due to negative impact of foreign exchange translation offset in part by the net changes in fair values of the company's quoted investments during period;
• 1.9% increase in total current assets, driven mainly by the increase in receivables, expendable parts, fuel, materials and supplies and assets;
• Expendable parts, fuel, materials and supplies 'slightly' increased by 1.5%, driven by build up of flight equipment expendable parts;
• Consolidated total equity amounted to PHP12.51 billion (USD239 million), a 17.0% increase due to non controlling interest as a result of the group's partial sale of shares in subsidiaries, offset by the consolidated net loss. [more - original PR]