Philippine Airlines’ net loss narrows to Ps3.57bn for FY2013

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Philippine Airlines' (PAL) net loss attributable to equity holders of the parent company narrowed to Philippine peso (Ps) 3.57 billion ($82.2 million) from Ps3.63 billion for the fiscal year to 31 March.

The airline's passenger revenue fell by 1.4% to Ps62.2 billion, while cargo revenues decreased by 1% to Ps5.35 billion. Total revenues for the year remained largely unchanged at Ps74 billion.

Total expenses were down by 2.1% to Ps77.8 billion from last year's figure of Ps79.4 billion.

A decrease in flying operations revenue of 3.5% to Ps45 billion was mainly attributable to the reduction in fuel expenses and depreciation of flight equipment offset by the increase in aircraft lease rentals.

Higher aircraft, engine and component repair costs incurred during the current fiscal year contributed to the increase in maintenance expenses by 11.6% amounting to Ps9.93 billion.

Cash and cash equivalents at end of year amounted to Ps3.49 billion.