PAL Holdings net loss balloons to P11.58B on charges in fiscal first nine months 

PAL Holdings Inc., the parent of flag carrier Philippine Airlines, reported a net loss of P11.58 billion in fiscal first nine months ending Dec. 31, up 332 percent from P2.74 billion a year earlier, largely on financial and other charges.

In a disclosure to the Philippine Stock Exchange, PAL Holdings noted having booked P5.51 billion in operational losses that included P5.09 billion in other charges and P1.31 billion in financing charges.

“The resulted other charges was primarily due to the impairment loss recognized for certain passenger aircraft that have been grounded or identified for retirement within 2014,” PAL Holdings said in its financial statement.

Total comprehensive losses reached P9.12 billion, 161 percent higher than the P3.49 billion losses incurred a year earlier.

Total revenues were flat at P55.98 billion from P55.69 billion in the comparable period on lower passenger count to about five million from 7.6 million. This brought passenger revenues to P45.4 billion, a 3-percent decline from P46.799 billion.

Total expenses rose 5.2 percent to P61.5 billion from P58.43 billion, bulk of which covered operating expenses. – Danessa Rivera/VS, GMA News