Flag carrier Philippine Airlines (PAL) on Friday said it registered a profit for the fiscal year ending in March and reversed a marginal loss a year earlier.
In a statement, the airline said its income rose to $72.5 million, overturning the previous year's $14.4 million loss.
Revenues, meanwhile, soared to $1.67 billion or 23 percent higher than the figure posted a year earlier.
In fiscal year 2010, passenger and cargo traffic expanded by 12.4 percent and 41.8 percent, respectively, on the back of global recovery from the economic downturn.
Earlier, the company reported carrying 1.06 million passengers from January to March this year, up 7 percent from 942,144 in the same period last year.
Inbound passengers totaled 477,039 and outbound passengers reached 529,212
However, domestic passengers in January to March dropped by 15 percent year-on-year to 1.17 million.
Despite its positive results, PAL said growth is being weighed by rising expenses, particularly for jet fuel — the company's largest expense at $142 million, up 29.9 percent year-on-year.
From April 2010 to March 2011, fuel prices soared to $102.89 per barrel on average from $86.94 per barrel a year earlier.
Expenses for the fiscal year, meanwhile, totaled $1.61 billion, up 19 percent.
"While PAL is pleased with its recent positive performance, we remain watchful of the year ahead as fuel prices continue its upward trend. We have also noted a gradual slowdown in traffic demand especially for leisure travelers," the airline said.
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In a statement, the airline said its income rose to $72.5 million, overturning the previous year's $14.4 million loss.
Revenues, meanwhile, soared to $1.67 billion or 23 percent higher than the figure posted a year earlier.
In fiscal year 2010, passenger and cargo traffic expanded by 12.4 percent and 41.8 percent, respectively, on the back of global recovery from the economic downturn.
Earlier, the company reported carrying 1.06 million passengers from January to March this year, up 7 percent from 942,144 in the same period last year.
Inbound passengers totaled 477,039 and outbound passengers reached 529,212
However, domestic passengers in January to March dropped by 15 percent year-on-year to 1.17 million.
Despite its positive results, PAL said growth is being weighed by rising expenses, particularly for jet fuel — the company's largest expense at $142 million, up 29.9 percent year-on-year.
From April 2010 to March 2011, fuel prices soared to $102.89 per barrel on average from $86.94 per barrel a year earlier.
Expenses for the fiscal year, meanwhile, totaled $1.61 billion, up 19 percent.
"While PAL is pleased with its recent positive performance, we remain watchful of the year ahead as fuel prices continue its upward trend. We have also noted a gradual slowdown in traffic demand especially for leisure travelers," the airline said.
SOURCE: http://adf.ly/2AeGa
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