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THE
country’s flag carrier Philippine Airlines Inc. (PAL)
sees a 7 percent increase in passenger volume during the
current fiscal year that ends in March 2008.
The
growth, from 7 million to 7.5 million passengers,
according to president Jaime Bautista will come largely
from the increase in frequency of flights to US, China
and Australia.
PAL is
also eyeing a modest rise in net profit for the fiscal
year to $30 million, from $20 million a year earlier,
due to higher fuel prices and rising competition.
“Our
projection is that we should be reporting a modest
profit this year considering the fuel price,” Bautista
said.
In terms
of revenues, PAL is looking at around $1.4 billion,
almost the same level as the previous fiscal year.
Earlier,
PAL chief finance officer Andrew Huang said the
$140.3-million net income it made in the last fiscal
year had several extraordinary gains, including
settlement of several accounts.
“Excluding those gains, our core net profit last year
was $20-million plus. We are still seeing an increase
next year,” he said.
Its
record profit last year was triggered by a $158.4
million, or 12.8 percent, upsurge in revenues, which
also reached a new high of $1.39 billion. Strong
performances by the passenger and cargo businesses,
coupled with some nonrecurring items, contributed to the
expansion.
PAL
conveyed a rounded 7 million passengers on 21,252
flights in the last fiscal year, attaining a load factor
of 76.8 percent, its highest 15 years. |
