PAL Holdings posts net loss of Ps1.03bn in Q2 2013

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PAL Holdings, the parent company of Philippine Airlines posted an attributable net loss of Philippine pesos (Ps) 1.03 billion ($23.6 million) in the second quarter of 2013, which ended on 30 September.

This is a 2.4% improvement from the Ps1.06 billion loss it posted last year.

Revenue for the three month period declined by a marginal 0.2% to Ps18 billion. This was attributed to a lower passenger revenue of Ps14.5 billion, down from Ps14.8 billion a year ago, while cargo revenue increased to Ps1.39 billion.

Net loss for the quarter widened sharply to Ps1.11 billion, compared with a loss of Ps616 million a year earlier. Total expenses for the three months also rose 2.5% year on year to Ps19.2 billion.

For the first six months to 30 September, the carrier’s attributable net loss widened almost 11% to Ps1.53 billion, up from Ps1.38 billion a year earlier.

Revenue for the six months declined 5.9% to Ps36.6 billion from Ps38.9 billion, mainly due to lower passenger revenue.

However, net loss swelled to Ps2.19 billion from a loss of Ps122 million in the corresponding period a year ago. This was despite expenses declining to Ps38.8 billion.

In the six months to 30 September, Philippine Airlines expanded its fleet size to 69 aircraft.