The operator of Philippine Airlines said Wednesday comprehensive income in the first nine months jumped to P6.55 billion from P169.1 million on higher revenues.
PAL Holdings Inc. said the sharp increase in comprehensive income in the January-September period was led by strong revenues, which climbed 10.8 percent to P81.98 billion from P73.98 billion a year ago.
“The growth was attributable mainly to higher passenger revenues and other revenues generated during the period,” PAL Holdings said.
PAL’s passenger revenue rose 12.5 percent to P68.37 billion from last year’s P60.78 billion, as the number of passengers increased 30 percent, mainly for Americas, Australia, Japan and the Middle East routes.
PAL said the effect of interlining arrangement with PAL Express in the domestic sectors contributed to the favorable revenue performance during the period.
Maintenance expenses, one of PAL’s biggest costs, rose 36.6 percent to P8.26 billion from P6.05 billion last year.
Flying operations, which represent the biggest expense of PAL, dropped 3.9 percent to P15.34 billion from P15.97 billion, following the decline in fuel cost. This was partially offset by the increase in aircraft lease charges, transportation expense and cockpit crew costs.
Fuel costs declined 22.9 percent over last year’s figure of P9.89 billion, as a result of the huge drop in jet fuel prices pfrom an average of $129.74 a barrel in 2014 to $83.06 in 2015.
PAL president Jaime Bautista earlier said the airline revived a plan to take strategic investors who could support its expansion in Europe and other international markets.
“There’s no rush, but of course it will be good for the airline if there is a strategic investor as we expand, take delivery of more airplanes and as we compete more in Asia, US and Europe,” he said.
PAL is spending $500 million to acquire seven brand-new aircraft next year as part of a re-fleeting program.
Bautista said he expected to take delivery of five Airbus 321s and two Boeing 777-300s next year. The aircraft would be used for PAL’s regional and long-haul destinations.
The airline plans to launch flight to Port Moresby and Cairns, Australia and Auckland, New Zealand in December.