PAL parent firm books P9.38-B net loss in Q1

PAL Holdings, Inc., the parent firm and operator of flag carrier Philippine Airlines, saw a wider net loss in the first quarter of 2020 due to the impact of the coronavirus disease 2019 (COVID-19) on the aviation sector.

In a disclosure to the Philippine Stock Exchange, PAL Holdings said its net loss stood at P9.38 billion, significantly higher than the P838.17 million net loss recorded in the same period in 2019.

"The Group’s operations were severely affected by the worldwide travel restrictions due to the coronavirus (COVID-19) outbreak," the company said.

Consolidated revenue also dipped by 18.3% to P32.07 billion from the P39.24 billion year-on-year on weak passenger operations.

Revenue from passenger operations declined 21.4% to P27 billion from P34.37 billion.

The flag carrier earlier announced it will resume domestic flight to Manila, Cebu, Davao, Tagbilaran, Dumaguete, Tacloban, Cagayan de Oro, Basco, Laoag, Legazpi, Busuanga, Bacolod, Iloilo, Kalibo, Caticlan, Roxas, Butuan, Cotabato, Dipolog, General Santos, Ozamiz, Pagadian, and Zamboanga. -MDM, GMA News