PAL narrows Q3 pre-tax losses; nine aircraft exit fleet in 2021

PAL Holdings narrowed its pre-tax losses in the third quarter to Ps5b ($100m) from Ps7.8b, as it reported stronger revenue. Revenue grew 64.7% to Ps14b in the quarter to 30 September, with both passenger and cargo showing a strong year on year performance, says the parent of Philippine Airlines. Expenses rose 3.2% year on year to Ps15.9b, while net losses narrowed to Ps5b from Ps7.9b. Cash burn from operations remained high, with a quarterly net cash outflow of Ps7.5b, up from Ps1.7b in Q3 2020. As of 30 September, cash and cash equivalents stood at Ps4.4b, compared with Ps1.8b a year earlier. As of 30 September, the PAL fleet stood at 89 aircraft, down from 97 at the end of 2020.<br/>