PHILIPPINE Airlines Holdings Inc., the listed operator of Philippine Airlines, posted losses in the first nine months of its fiscal year ending December 2011.
In a report to the Philippine Stock Exchange, PAL Holdings said it lost P3.63 billion in the nine months to December from earnings of P3.55 billion.
PAL Holding's fiscal year begins in April and ends in March.
Revenues reached P54.38 billion, down from P55.22 billion in the same comparable period, while expenses jumped to P57.97 billion from P51.67 billion.
"Decline in revenues can be attributable mainly to decrease in passenger and cargo revenues by 13 percent, offset by the increase in other income earned during the period,” the Lucio Tan-led company said.
“The drop in passenger revenues by 1 percent was brought about mainly by the effect of the peso dollar exchange rate fluctuations," it added.
In 2009, PAL said it would be adopting cost-cutting measures such as reducing its workforce owing to multi-million dollar losses. Willy M. Balasa
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