PAL Reports Q1 Loss

Philippine Airlines has reported a total comprehensive loss of US$ 10.6 million for the first quarter (April to June) of its current fiscal year 2011-12 compared to a US$ 31.6 million comprehensive income for the same period in 2010.

In a report submitted to the Securities and Exchange Commission, PAL said operating revenues improved by US$ 25.6 million or 6% to US$ 454.1 million for the period April to June 2011. While the airline reported a 9% improvement in passenger yields in its first quarter operations, sluggish demand resulted in a 7% decline in passenger traffic, it said.

Operating expenses, on the other hand, escalated to US$ 464.7 million, up by US$ 71.3 million or 18% compared to the same period year.

Jet fuel costs alone, which is the airline’s biggest expense item amounted to US$ 210.8 million up by US$ 56.2 million or 36% from the year ago level of US$ 154.6 million. Aviation fuel prices increased from an average of US$ 100.47 per barrel for the period April to June 2010 to US$ 138.11 per barrel for the same period in 2011.

See recent travel news from: Travel News Asia, PAL, Philippine Airlines, Philippines