PAL Holdings Inc., the operator of Philippine Airlines, saw a 42.2-percent increase in net loss in the first nine months from a year ago, on higher operating expenses.
PAL Holdings said its net loss widened to P3.29 billion in January to September from P2.31 billion in the same period last year.
PAL said it incurred a net loss of P2.84 billion in the third quarter, or 39.9 percent higher than last year’s P2.03 billion.
Total revenues in January to September reached P112.07 billion, up 16 percent from P96.58 billion in the same period last year. Third-quarter revenues also increased 22 percent to P36.94 billion from P30.27 billion a year earlier.
“The increase was brought about mainly by higher passenger and cargo revenues generated during the current period as a result of the increase in number of passengers and flights operated,” PAL Holdings said.
Expenses increased 17 percent to P115.30 billion from last year’s P98.56 billion, led by higher jet fuel prices, aircraft lease charges, and flight frequencies.
“The increase was partly offset by lower maintenance and repairs expenses,” PAL Holdings said.
Flying operations expenses increased 26.9 percent to P63.26 billion from P49.84 billion a year ago.
The company said jet fuel expenses climbed 36.1 percent in the nine-month period as the average price per barrel of aviation fuel soared from $73.92 in 2017 to $92.80 in 2018.
