In a June 5 disclosure, its operator PAL Holdings Inc. saw its net loss widen to P9.38 billion from P838.17 million a year earlier. Consolidated revenues in the first quarter declined by 18.3 percent to P32.07 billion from P39.24 billion in the same period last year, weighed down by weak passenger operations. Revenues from passenger operations dropped by 21.4 percent to P27 billion from P34.37 billion. Its cargo business recorded lower revenues of P1.89 billion, while ancillary operations climbed to P3.16 billion. PAL Holdings shares fell by 3.02 percent or 19 centavos to finish at P6.11 each on Thursday.

Source: Manila Times July 23, 2020 16:48 UTC