Philippine Airlines narrows net loss to Ps609m in Q2

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Philippine Airlines (PAL) narrowed its net loss to Philippine pesos (Ps) 609 million ($14.8 million) for the fiscal second quarter from Ps1.69 billion in the corresponding period last year.

Revenue for the quarter ended 30 September rose by 0.7% to Ps18.1 billion, says PAL. The carrier's passenger revenue fell by 1.14% to Ps15.1 billion, while cargo revenue rose by 1.9% to Ps1.35 billion.

Operating expenses for the quarter fell by 4.8% to Ps18.7 billion compared with the same period last year.

For the first six months, the carrier's net loss narrowed to Ps124 million from Ps2.14 billion in the same period last year.

Revenue grew by 3.3% to Ps38.9 billion, while operating expenses fell by 1.9% to Ps39 billion for the period.

The carrier's cash and cash equivalents amounted to Ps4.41 billion during the first six months.