PAL Holdings posted an operating profit of Ps2.87 billion ($56.6 million) in 2019, reversing 2018’s Ps5.98 billion operating loss.
Total revenue at the parent company of Philippine Airlines (PAL) grew 2.7% to more than Ps154 billion, driven by a 4.2% increase in the passenger segment revenue to Ps134 billion. Ancillary revenue fell 5% to Ps10.7 billion, while cargo fell 8.2% to Ps9.38 billion.
Expenses declined 3% to nearly Ps152 billion, led by a reduction in costs from flying operations.
Net loss widened from Ps4.33 billion in 2018 to Ps10.3 billion, partly due to the adoption of a new accounting standard.
Cash and cash equivalents stood at Ps15.1 billion as at 31 December 2019, up from the Ps6.98 billion on 31 December 2018.
PAL ended 2019 with 97 aircraft, unchanged from the previous year.
This story has been updated to clarify that PAL Holding returned to profitable growth rather than profitability, and includes further details about the net loss reported in 2019