Philippine Airlines Expects Profit in Q2


After posting a first quarter decline this 2016, Philippine Airlines (PAL) is hopeful it would see growth in net earnings in Q2. According to Jaime Bautista, PAL President and COO, the airline sees an improvement in net profit for April-June period. Last year’s net income for Q2 was Php.2.08 billion.

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For the first quarter, PAL Holdings’ net profit dropped 21.2 percent to P2.98 billion from P3.78 billion in the same period a year ago. Bautista attributed the lower first quarter net earnings to the reduction in fares.

Although fuel prices went down and the airline has started serving new destinations in the first quarter, he said it would take time for the new flights to be full.

Earlier this year, PAL started flying to destinations such as Jeddah in Saudi Arabia, Kuwait, and Doha in Qatar from Manila, as well as Los Angeles in the US from Cebu.

PAL is set to continue expanding its network with the launch of flight services to Saipan from Manila on June 15.

On June 25, PAL is scheduled to start operating its Manila-Taipei-Osaka service.

By the end of the month, PAL is likewise increasing its air services to London from Manila by offering daily flights from four per week at present.

The airline currently serves 43 international and 30 domestic destinations.

PAL which has a three-star rating, is aiming to achieve a five-star rating in five years.

Source: Louella Desiderio, http://www.philstar.com/

 

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