PHILIPPINES: Philippine Air posts loss in first half

Philippine Airlines has posted a loss of US$113.8 million during the fiscal first-half of 2008 (April-September) as a result of the unprecedented surge in fuel prices. The carrier said the average price of aviation fuel nearly doubled from US$83.73 a barrel in July-September last year to US$157.03 during the same period this year. As a […]


Philippine Airlines has posted a loss of US$113.8 million during the fiscal first-half of 2008 (April-September) as a result of the unprecedented surge in fuel prices. The carrier said the average price of aviation fuel nearly doubled from US$83.73 a barrel in July-September last year to US$157.03 during the same period this year. As a result, its total comprehensive income of US$45.8 million in April-June was “more than erased” by the fuel price increases in the following quarter.

For the fiscal first half, revenues rose by 16.5 per cent to US$848.7 million as the airline’s passenger load grew by 11.2 per cent from a year ago to 4.19 million passengers. But total expenses ballooned 37.3 per cent during the same period to US$971.8 million, with fuel – the biggest expense item – accounting for US$386.8 million, the company said.