PAL Group losses widen in 1Q2018, fuel costs jump 22%

    PAL Group reported (11-May-2018) the following financial highlights for the three months ended 31-Mar-2018:

    • Revenue: PHP36,790 million (USD714.1 million), +12.7% year-on-year;
      • Passenger: PHP32,043 million (USD622.0 million), +14.3%;
      • Cargo: PHP2256 million (USD43.8 million), +24.9%;
      • Ancillary: PHP2431 million (USD47.2 million), -9.7%;
    • Costs: PHP36,899 million (USD716.2 million), +13.9%;
      • Fuel: PHP11,746 million (USD228.0 million), +22.1%;
    • Profit (loss) before tax: (PHP929.0 million) (USD18.6 million), compared to a loss of PHP619.3 million (USD12.4 million) in p-c-p;
    • Net profit (loss): (PHP799.7 million) (USD15.5 million), compared to a loss of PHP750.8 million (USD15.0 million) in p-c-p;
    • Total assets: USD189,725 million (USD3683 million);
    • Cash and cash equivalents: PHP10,727 million (USD208.2 million);
    • Total liabilities: PHP177,155 million (USD3439 million). [more – original PR]

    *Based on the average conversion rate at PHP1 = USD0.01941 for 1Q2018
    *Based on the average conversion rate at PHP1 = USD0.019977 for 1Q2017