PAL losses widen

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    Philippine Airlines’ (PAL) parent firm PAL Holdings Inc.,reported its comprehensive loss more than tripled to P29.03 billion in January to September this year, from the P7.83 billion net loss it posted in the same period last year, but it has seen an improvement in the third quarter.

    Consolidated revenues fell by 62 percent to P45.3 billion nine months into the year, from P117.14 billion a year ago due to a drop in passenger and ancillary revenues as a result of flight cancellations starting March 2020 due to the new coronavirus.

    PAL said it saw an improvement in the third quarter versus the previous quarter this year, with its comprehensive loss at P7.7 billion, a 30 percent improvement compared to the P10.99 billion loss in the second quarter of 2020 when Filipino airlines were grounded for an extended period due to the pandemic.

    Total revenues for the third quarter rose 75 percent to P8.9 billion, from P5.1 billion in the second quarter, while expenses went up 16 percent. PAL said the results reflect an increase in regular commercial flights as well as special cargo and repatriation services that helped boost its third quarter performance.