PAL incurs $11.3M net loss in Oct-Dec 2007

Flag carrier Philippine Airlines on Thursday announced that it incurred a net loss of $11.3 million during the October to December period of 2007. However, PAL said in a statement, that for the first nine months of of its fiscal year, it still posted a profit of $11.5 million. The quarterly loss, the company said, was due primarily to the absence this time of some major one-time gains that boosted the airline’s revenues the previous year. In the same period in 2006, PAL had a net income of $79.5 million. However, in terms of operating income alone, PAL earned $15.3 million in October-to-December 2007, and $86.7 million in the first nine months of its fiscal year, which starts April. But expenses, led by higher fuel, manpower and lease costs, increased by 23 percent to $383 million in the October to December quarter. Fuel expenses alone rose to $121.5 million during the period, the company said. - GMANews.TV