Fuel Widens Net Loss of Philippine Airlines in Q2

Fuel widens net loss of Philippine Airlines in Q2

MANILA, Nov. 14 (Xinhua) — Philippine national flag carrier, Philippine Airlines on Wednesday said its second quarter net loss widened to 11.8 million U.S. dollars due to the off peak travel season, higher aircraft maintenance and fuel expenses.

The second quarter loss of the company was 89 percent higher than the 6.2- million-dollar loss it recorded in the same period last year, reported Philippine television network ABS-CBN News.

Fuel, which is its biggest single expense item, accounted for 108.2 million dollars of the airlines’ total expenses of 365.9 million dollars for the quarter.

Revenues for the three months from July to September, however, grew 13 percent to 354.1 million dollars buoyed by higher net yield per revenue passenger kilometer (RPK), the aviation industry’s yardstick for traffic volume.

PAL’s first half profit soared 107 percent to hit a record highof 22.7 million dollars.

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