PAL Holdings swings to net loss of Ps1.08bn in Q1 2013

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PAL Holdings, the parent company of Philippine Airlines, has swung to a net loss of Philippine pesos (Ps) 1.08 billion ($24.6 million) for the quarter ended 30 June.

This compares with a net profit of Ps495 million a year ago.

Revenue for the three-month period declined nearly 11% to Ps18.5 billion, down from Ps20.7 billion for the corresponding period in 2012, says PAL. Its passenger revenue stood at Ps15.3 billion, while cargo revenue declined marginally to Ps1.32 billion.

Total expenses for the three months also declined 3.3% year on year to Ps19.6 billion.

In the three months to 30 June, Philippine Airlines took delivery of one Boeing 777-300ER on finance lease, and returned an Airbus A320 on operating lease. It also added two owned A340-300s to its fleet, raising the total size to 66 aircraft.