PAL incurs losses

PHILIPPINE Airlines (PAL) on Friday said it posted a net loss of US$ 39.4 million in the second quarter of its fiscal year ending March next year mostly because of skyrocketing jet fuel costs.
In a filing with the Securities and Exchange Commission (SEC), PAL said its total comprehensive losses in July to September were higher than the US$ 26 million net loss in the same period last year.
The airline said total revenues reached US$ 420.4 million, reflecting a 4.7 percent hike from US$ 401.6 million for the same three month period last year.
Total expenses, on the other hand, grew by US$ 84.8 million, or 22.6 percent, to US$ 459.7 million for the second quarter of 2011.
Jet fuel, which continued to be the airline’s biggest expense, contributed the largest increase of US$ 48.3 million, or 33.9 percent, from US$ 142.5 million in 2010 to US$ 190.8 million for the current three-month period.
Average jet fuel prices rose from US$ 94.92 per barrel to US$ 131.99 per barrel.
PAL said that based on data released by the International Air Transport Association (IATA), the airline industry in general achieved growth in passenger traffic year-on-year as of September by an average of 6.3 percent.