Andrzej Jeziorski/SINGAPORE
Philippine Airlines (PAL) may list on the Philippine Stock Exchange as a result of the purchase of a listed company by the carrier's majority shareholder and chairman, Lucio Tan.
Lucio Tan Group bought 69% of dormant mining firm Baguio Gold in late October. Baguio now plans to issue new shares in exchange for a 90% stake in PAL. Tan has previously stated that he wants PAL to be listed to raise cash for the airline, which escaped bankruptcy in 1998. PAL had been unable to list as it has not been profitable for three consecutive years, a stock exchange requirement. Tan may also sell his stake in the airline - 53.69% held directly and 31.15% via companies associated with him.
• The Singapore Airlines (SIA) group's operating profit for the six months to 30 September leapt 38.5% to S$739 million ($420 million) due to the recovering Asian market and a five-fold increase in profits from associated companies, primarily Virgin Atlantic, in which SIA has a 49% stake.
Group net profit almost doubled to S$1.14 billion, while sales rose 15.4% to S$4.96 billion ($2.84 billion). Group figures do not yet include a two-month contribution from Air New Zealand, in which SIA now holds a 25% stake.
At airline level, operating profit rose 52% to S$569 million, and sales 16.9% to S$4.6 billion. Pre-tax profits included a S$58 million surplus from sale and lease-back deals on a Boeing 747-400 and six Airbus A340-300 engines, the trade-in of an Airbus A310-200 and other spares and engine sales.
Source: Flight International
