Source: ATW Daily News Author: 07/31/2008
Subject Concerned: Airlines
Philippine Airlines posted a profit of US$30.6 million in its fiscal year ended on March 31, down 76.6% from the US$130.5 million earned in the previous 12 month period.
Still, PAL called it a "noteworthy result in the escalating-fuel-price environment that has battered the aviation industry since last year."
It is the restructured carrier's fourth consecutive full-year profit.
Operating revenue rose 15% to US$1.46 billion and expenses were up 14.9% to US$1.37 billion. Operating profit increased 19.9% to US$84.3 million from US$70.3 million.
The 2006-2007 net result was boosted by special gains. The airline transported 7.6 million passengers, up 10.1%, and load factor rose 2.6 points to a full-year record 79.5%.