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By Darwin G. Amojelar, Reporter
PHILIPPINE Airlines (PAL) said it suffered a net
loss for the third quarter ending December on the back of higher jet
fuel and manpower costs.
The country’s flag carrier said in a statement
that it registered a net loss of $11.3 million in the three-month
period. Despite this, the airline recorded a profit of $11.5 million
in the first nine months of its 2007 fiscal year.
“The loss, which contrasted with the net
income of $79.5 million in the same period in 2006, was due
primarily to the absence this time of some major one-time gains that
boosted the airline’s revenues the previous year,” PAL said.
The Lucio Tan-controlled carrier earned $15.3
million in operating income in the third quarter, six percent higher
than the $13.2 million in the same period in 2006.
For the nine-month period, operating income
amounted to $86.7 million surpassing the $51.9 million earned in
2006 by more than 67 percent.
Its revenues for the third quarter last year
reached $371.8 million, lower than the $391.4 million in 2006.The
company’s expenses increased by 23 percent to $383 million owing
to higher fuel, manpower and lease costs.
PAL’s fuel expense alone rose to $121.5
million for the third quarter as a result of the increase in the
average oil price from $79.19 a barrel in 2006 to $92.83 a barrel
last year.
In the first nine months, revenues rose 6.2
percent to $1.1 billion owing to higher net yields per revenue
passenger kilometer, while expenses, which increased by 15 percent
to $944.7 million, were again swelled by higher fuel, maintenance
and servicing costs.
PAL Holdings owns about 84.7 percent of the flag
carrier. The holding company earlier acquired six other holding
firms that collectively own 81.57 percent of PAL. Separately, PAL
Holdings also owns 3.1 percent of the airline through a subsidiary,
PR Holdings, Inc.
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