Philippine Airlines Inc. (PAL) has increased authorized capital stock for sustainable profitability and a higher level of competitiveness.
PAL said majority of the stockholders approved the increase of authorized capital stock from P13 billion to P30 billion.
“The increase in capital stock was approved by a majority of the company’s stockholders during a special meeting held today at the Century Park Hotel, and will be filed with the Securities and Exchange Commission,” PAL said in a statement.
PAL’s new management has set digital transformation as a strategic business plan to turn around the company.
PAL has tapped German-based Lufthansa Consulting to help the company achieve profitability hopefully by next year.
In the first nine months of 2019, PAL reported a comprehensive loss of P7.9 billion up, 139 percent compared to previous year same period comprehensive loss of P3.29 billion.
PAL’s consolidated revenues stood P117.9 billion, up by 5.6 percent in the first nine months, than the P111.62 billion revenues recognized in the same period last year.
The increase in revenues was derived mainly from passenger and ancillary revenues due to additional frequencies and new routes which resulted to the growth in passenger volume.
This was partly offset by the decrease in cargo revenues by 7.9 percent.
