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PAL Holdings, Inc. said its profit for the fiscal
year ending March swelled owing to earnings from its airline unit.
The Lucio Tan-led holding company
said consolidated net income rose 452 percent to P7.03 billion from
P1.3 billion in the same period last year.
PAL Holdings said the significant
growth can be attributed to the continued rise in profit margins
coupled with the increase in the net benefit from Philippine
Airline’s (PAL) income tax position.
The country’s flag carrier
reported an income of P7.09 billion, it’s highest in its 66-year
history.
Its consolidated revenues
increased to P69.7 billion from last year’s P66.95 billion. The
4.1-percent growth was brought about mainly by the increase in net
yield per revenue passenger kilometer and in the number of
passengers carried.
The company’s consolidated
expenses dropped by 1.6 percent to P65.16 billion from P66.23
billion owing to a decline in expenses brought about mainly by a
strong peso vis-à-vis the dollar.
PAL Holding’s consolidated
financial statements included six firms: Ascot Holdings Inc., Cube
Factor Holdings Inc., Network Holdings & Equities Inc., Sierra
Holdings & Equities Inc., Pol Holdings Inc. and Maxell Holdings
Corp. These companies collectively own 81.57 percent of PAL.
--Darwin G. Amojelar
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