PAL Holdings' losses widen in Oct-Dec

ABS-CBN News

Posted at Feb 15 2013 01:14 PM | Updated as of Feb 15 2013 09:14 PM

MANILA, Philippines - PAL Holdings, Inc., parent firm of flag carrier Philippine Airlines, saw its losses widen in October to December last year amid an increase in expenses.

The firm recorded a net loss attributable to equity holders of the parent amounting to P2.218 billion in the December quarter from P1.230 billion in the previous year.

Total comprehensive loss attributable to equity holders of the parent also went up to P2.510 billion, from a loss of P1.235 billion a year ago.

Revenues of the firm went up 0.3% to P16.828 billion, while expenses also grew 7% to P19.447 billion.

In the nine months to December 2012, PAL Holdings trimmed its losses to P2.323 billion from P3.046 billion in the previous year. Total comprehensive loss also narrowed to P2.960 billion from P3.076 billion.

This, as revenues climbed 2% to P55.685 billion and expenses went up 1% to P58.428 billion.