MANILA -- Beleaguered flag carrier Philippine Airlines (PAL) posted a weak $31.6 million (roughly P1.4 billion) profit for its peak season from April to June.
The lower first quarter income, down by $3.9 million or 11 percent from the same period last year, is attributed to higher jet fuel prices and reduction in “other income”.
PAL reported to the Securities and Exchange Commission (SEC) revenues of $426.7 million for the first quarter of its fiscal year 2010-11, a marked improvement of $99.0 million or 30 percent higher than the $327.7 million registered last year.
“During the first three months of its current fiscal year, the airline benefited from improvements in passenger traffic as well as cargo, reflecting signs of economic recovery worldwide. Higher yields generated per seat offering also complemented growth in passenger demand,” said PAL.
The airline’s fiscal year starts on April and ends on March 2011.
PAL reported a narrower loss for its last fiscal year ending March 2010 at $14.4 million from $297.8 million a year ago.
The airline, however, posted $35.5 million profit in the first quarter ending June 2009. (Virgil Lopez/Sunnex)