MANILA, Philippines - PAL Holdings, Inc. saw narrower losses in the nine months to September from year-ago levels due to an increase in revenues from a higher number of passengers and a decline in costs and expenses.
In a disclosure, the firm realized a total comprehensive loss attributable to equity holders of the parent of P96.163 million from last year's loss of P1.841 billion.
Revenues during the period went up by 3% to P38.858 billion from P37.595 billion, while expenses fell 2% to P38.982 billion from P39.739 billion.
"The increase in revenues was primarily due to higher passenger and other revenues earned during the period," PAL Holdings said.
Meanwhile, the decrease in expenses was owed to "lower expenses related to flying operations, reservation and sales and other expenses [that] offset increases in maintenance, passenger service and general and administrative expenses."
In April this year, San Miguel Corp., through its subsidiary San Miguel Equity Investments, Inc., acquired a 49% stake in the company through Trustmark Holdings Corp.
Earlier this week, San Miguel said it is in talks with the Government of Cayman Islands for a possible investment in Cayman Airways.
The acquisition is being considered as the Philippines remain unable to expand flights to the US and in the Europe as a result of the local aviation industry's low rating given by the International Civil Aviation Organization, US Federal Aviation Authority and the European Union.