|
PHILIPPINE Airlines (PAL), the country’s flag carrier,
incurred a loss of $11.3 million in its fiscal
third-quarter ending in December.
Its net
profit for the first nine months amounted to $11.5
million on the back of $1.1 billion in revenues posted
during the period.
“The
resulting net income of $11.5 million, while lower than
the extraordinary-gains-spiked profit of $90.4 million
in 2006, now primes PAL for an expected full-year profit
by March 31, 2008,” the airline said in a statement late
Thursday.
From
October to December, PAL incurred a loss of
$11.3-million due to an absence of one-time gains that
boosted the airline’s revenues a year earlier.
The
fiscal third-quarter results compare with a net income
of $79.5 million a year earlier.
“However, based on operating income alone, PAL’s
financial performance actually improved in both the
quarterly and nine-month categories,” the airliner said
in the statement.
The flag
carrier earned $15.3 million in operating income from
October to December, a six-percent increase over
$13.2-million posted in the year earlier period.
Year-to-date, PAL performed even better, with a
nine-month operating income of $86.7 million surpassing
$51.9 million by over 67 percent the comparable
quarters.
Revenues
for fiscal third-quarter amounted to $371.8 million,
lower than the same-quarter figure of $391.4 million in
2006.
“Expenses, led by higher fuel, manpower and lease costs,
increased by 23 percent from $312 million to $383
million. Fuel expense alone rose to $121.5 million for
the quarter as a result of the increase in the average
oil price from $79.19 per barrel in 2006 to $92.83 per
barrel in 2007,” the company said. |
