Philippine Airlines confirms $1bn revenue loss due to Covid-19

Philippine Airlines has seen revenue shrink by nearly $1 billion since it suspended operations because of the coronavirus pandemic, the flag carrier’s parent confirms. Airline president Gilbert Santa Maria was quoted in local newspaper The Philippine Star last week saying that the carrier has seen revenue slide by over $300m per month - totalling nearly $1b - since suspending operations in March. PAL Holdings says that the airline had been “more or less” generating revenues of $300m per month and Santa Maria’s estimate is “not without basis”. In The Philippine Star report, which was published on 22 May and re-reported comments made to local television news channel ANC, Santa Maria also stressed that the airline is “not in immediate danger of bankruptcy”, primarily due to a Ps15b ($296m) cash injection from owner Lucio Tan, who is also PAL’s chairman and CE. PAL Holdings’ 2019 financial results show it had received Ps11.4b from Buona Sorte Holdings, a company owned by Tan, in the period to 31 December, followed by a separate $93m infusion in Q1 2020.<br/>