MANILA – Philippine Airlines on Friday said it would make profits by the end of the year by implementing cost-cutting measures, after posting a comprehensive $65.87-million loss in 2018 due to fuel hikes and stiff competition.
“As in other companies, management hopes and expects to make profits considering the measure it plans to implement,” PAL Holdings said in a disclosure to the stock exchange.
“PAL operates to make profits for the benefit and advantage of the public it serves and its stockholders,” the statement said.
Strict cost-saving measures, such as decreased number of flights in destinations that do not make money, will be implemented, Philippine Airlines president Jaime Bautista said during the company’s stock annual stockholders’ meeting Thursday.
Meanwhile, a senior adviser of ANA Holdings Inc, the holding firm of Japan's biggest carrier All Nippon Airways (ANA), was elected as a member of PAL Holdings' Board of Directors, the company said in a separate disclosure.
ANA HD in January acquired 9.5 percent share from the Trustmark Holdings of tycoon Lucio Tan, the largest shareholder of PAL holdings, for $95 million (P4.9 billion).