PAL Post US$56 Million in 2019

PAL Holdings Infuses $30 Million more To Keep airline afloat

22 May 2020

Flag carrier Philippine Airlines (PAL) has posted an operating profit of US$56.6 million (₱2.87 billion) last year, reversing 2018’s US$120 million (₱5.98 billion) operating loss, according to PSE disclosures of the company.

PAL total revenue grew 2.7% to more than ₱154 billion, driven by a 4.2% increase in the passenger segment revenue to ₱134 billion. Ancillary revenue fell 5% to ₱10.7 billion, while cargo fell 8.2% to ₱9.38 billion.

Expenses declined 3% to nearly ₱152 billion, due to introduction of new aircraft to fleet.

Net loss widened from Ps4.33 billion in 2018 to Ps10.3 billion, partly due to the adoption of a new accounting standard.

Cash and cash equivalents stood at ₱15.1 billion as at 31 December 2019, up from the 6.98 billion on 31 December 2018.

PAL president Gilbert Santa Maria also disclosed that PAL Holdings will infuse an additional ₱15.2 billion into Philippine Airlines, making it safe from imminent bankruptcy as the airline bleeds losses nearing $1 billion (₱50.6 billion) resulting from the worldwide COVID-19 pandemic which has grounded air travel.

Santa Maria said one-third of the capital infusion, or about ₱5 billion, was released this month to keep the airline afloat on the second quarter.

The cash infusion into PAL makes the airline safe from immediate bankruptcy due to liquidity problems, according to PAL president Gilbert Santa Maria.

PAL ended 2019 with 97 aircraft, unchanged from the previous year.




1 comment:

  1. PAL would more money if the government would let non citizen into the Philippines.

    ReplyDelete