Holding company says PAL earnings up in first 9 months

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The flag-carrier Philippine Airlines, Inc., earnings rose to P6.55 billion in the first nine months this year from P169.1 million in the same period last year, according to holding company PAL Holdings, Inc.

PAL said that total revenues for the nine months reached P81.99 billion, up 10.8 percent from P73.98 billion during the same months in 2014 based on its disclosure to the Philippine Stock Exchange (PSE),

PAL attributed the favorable performance to higher passenger revenues and other revenues generated during the period.

The airline noted that passengers volume rose by 30 percent mainly for Americas, Australia, Japan and Middle East routes coupled by the effect of interlining arrangement with PAL Express in the domestic sectors.

Other revenues include excess baggage revenues, ancillary revenues and lease income arising from aircraft operating lease arrangements with an entity under common control and another airline.

PAL generated a profit of P611.2 million in the third quarter alone, a turnaround from the same quarter total comprehensive loss of P192.3 million during the same quarter the previous year.

The company said the increase in revenues was brought mainly by the effect of the depreciation of the Philippine peso versus the US dollar. (PNA / By Azer N. Parrocha)

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