25 October 2021
Flag carrier Philippine Airlines, Inc. (PAL) has narrowed its losses to $29.56 million in September, since its Chapter 11 filing on Sept. 3, its Chief Finance Officer said.
PAL Chief Financial Officer Nilo Thaddeus P. Rodriguez disclosed to the United States Bankruptcy Court for the Southern District of New York that it had a gross income of $91.75 million for the month.
Mr. Rodriguez said they expect substantial growth this quarter as the Philippines eases quarantine and travel restrictions.
PAL earlier increased its flight expansion for both short, medium and long haul beginning on Oct. 8, 2021 in time for the holiday peak season that begins late this month.
The airline said it generated revenue from Sept. 3 to 30 reached $90.42 million, resulting in a gross profit of $1.33 million, in a traditionally lean month.
However, its selling expenses, general and administrative expenses, and other expenses were $3.83 million, $4.90 million, and $14.36 million, respectively.
The revenue shortfall is mostly attributed to travel restrictions to the Philippines and to some major domestic destinations which still require stringent entry requirements.
The airline expects to exit its recovery phase by 2022, with operating activities seen to generate more consistent positive monthly cash flow beginning December, according to Rodriguez.
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