Philippine Airlines parent company PAL Holdings posted an operating loss of Ps5.24 billion ($101 million) in 2018, as fuel and aircraft lease costs drove expenses higher.

The loss was nearly double the the Ps2.64 billion reported for the previous year, and came despite a 16% increase in revenue to Ps150 billion, driven by stronger passenger, cargo an anciallary revenues.

Load factor for the year stood at 77.4%.

Total expenses rose 17.8% to Ps156 billion, as fuel jumped 36% from the previous year, and it incurred higher aircraft leasing costs.

Attributable net loss fell 41% to Ps4.33 billion.

Cash and cash equivalents as of 31 December stood at Ps7 billion, down from the Ps10 billion it had at the end of 2017.

PAL finished the year with 87 aircraft in its fleet as it took delivery of four Airbus A350-900s, six A321neos, and five Bombardier Q400s. Four A340-300s were withdrawn from the fleet.

Over the next year, the airline says it plans to expand its network, with a focus on developing secondary hubs at Clark, Cebu, Davao and Kalibo.

Source: Cirium Dashboard