Philippine Airlines parent doubles loss in 2018
Philippine Airlines parent company PAL Holdings posted an operating loss of PHP5.24b (US$101m) in 2018, as fuel and aircraft lease costs drove expenses higher. The loss was nearly double the PHP2.64b reported for the previous year, and came despite a 16% increase in revenue to PHP150b, driven by stronger passenger, cargo an ancillary revenues. Load factor for the year stood at 77.4%. Total expenses rose 17.8% to PHP156b, as fuel jumped 36% from the previous year, and it incurred higher aircraft leasing costs. Attributable net loss fell 41% to PHP4.33b. Cash and cash equivalents as of Dec 31 stood at PHP7b, down from the PHP10b it had at the end of 2017. Over the next year, the airline says it plans to expand its network, with a focus on developing secondary hubs at Clark, Cebu, Davao and Kalibo. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-04-17/unaligned/philippine-airlines-parent-doubles-loss-in-2018
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Philippine Airlines parent doubles loss in 2018
Philippine Airlines parent company PAL Holdings posted an operating loss of PHP5.24b (US$101m) in 2018, as fuel and aircraft lease costs drove expenses higher. The loss was nearly double the PHP2.64b reported for the previous year, and came despite a 16% increase in revenue to PHP150b, driven by stronger passenger, cargo an ancillary revenues. Load factor for the year stood at 77.4%. Total expenses rose 17.8% to PHP156b, as fuel jumped 36% from the previous year, and it incurred higher aircraft leasing costs. Attributable net loss fell 41% to PHP4.33b. Cash and cash equivalents as of Dec 31 stood at PHP7b, down from the PHP10b it had at the end of 2017. Over the next year, the airline says it plans to expand its network, with a focus on developing secondary hubs at Clark, Cebu, Davao and Kalibo. <br/>
