PHILIPPINES: Philippine Air sinks further into red

Philippine Airlines (PAL) expects to post a net loss for the fiscal year ending 31 March on costly fuel hedges and highfuel prices, its president said recently. Philippine Airlines, a subsidiary of PAL Holdings Inc, incurred a net loss of US$113.8 million for the fiscal first half ended Sept 30 and widened that loss in […]


Philippine Airlines (PAL) expects to post a net loss for the fiscal year ending 31 March on costly fuel hedges and highfuel prices, its president said recently.

Philippine Airlines, a subsidiary of PAL Holdings Inc, incurred a net loss of US$113.8 million for the fiscal first half ended Sept 30 and widened that loss in the third quarter ending 31 December with a massive US$215.9 million loss. The third quarter loss was partially attributed to a US$42.4 million loss from fuel hedging contracts, the carrier said.