PAL losses widen as pandemic weighs down air travel

PAL Holdings, operator of flag-carrier Philippine Airlines, saw its net loss for Q3 widen to P7.92b, as the global health crisis continues to ravage the air-travel sector. The company incurred a net loss of P5.16b in the same period last year. In a disclosure to the stock exchange, PAL Holdings reported a 76.9% drop in its total revenues for Q3 to P8.47b. The flag carrier operator saw its passenger revenues for the quarter go down by 80% to P6.30 billion. The company’s cargo revenues declined 23.5% to P1.84 billion, ancillary revenues dropped 87.5% to P338.25m, and revenues from its other business segments decreased 52.1% to P2.05m. These brought the company’s nine-month total revenues to P45.29b, down 61.6% from last year’s P117.85b. In the nine months through September, PAL Holdings’ net loss to parent equity holders hit P28.85b, or more than three times the P8.49b recorded a year ago. Passenger revenues for the three quarters dropped 65.4% to P35.56b. Cargo revenues declined 12.2% to P6.05b. Ancillary revenues decreased 55.5% to P3.68b.<br/>