PAL Holdings revenue up by 14% to Php 55.94-B

By Azer N. Parrocha

MANILA, Aug 7 (PNA) –PAL Holdings Inc., Philippine Airlines’ parent company, on Friday posted a 14 percent increase in profit to Php 55.94 billion for the first half of the year from Php 48.95 billion in the same period last year.

In a disclosure with the Philippine Stock Exchange (PSE), PAL Holdings attributed hike to higher passenger revenues and other revenues generated during the period.

The company said that the number of passengers rose by 37 percent mainly for Americas, Australia, Japan and Middle East routes.

It said the effect of interlining arrangement with PAL Express in the domestic sectors also contributed to the favorable revenue performance during the current period.

Total operating expenses for the period, meanwhile went up by 5.5 percent or Php 2.63 billion , over the previous year’s same period total of Php 47.97 billion, due to higher expenses related to maintenance, passenger service, reservation and sales and general and administrative, which were offset by the reduction in flying operations.

Flying operations expenses meanwhile decreased to Php 223.3 million, or 21.3 percent, from last year’s same period total of Php 19.24 billion due to the decline in average jet fuel price per barrel.

The additional nine A321s and seven A330 HGW to PAL’s fleet resulted in higher lease charges by Php 2.6 billion.

Transportation expense also grew by Php 934.3 million caused by the increase in number of domestic flights, it said. (PNA)