Flag carrier Philippine Airlines (PAL) is on its way to improving its bottom line starting this year after incurring huge losses in 2013.
“2013 was a clean-up year for PAL as we go through the costly, yet necessary, fleet renewal process but we are on track with our goals and we remain committed to improving your airline’s financial and operational performance,” president and chief operating officer Ramon S. Ang said in an e-mailed statement Tuesday.
Owner and operator PAL Holdings Inc. incurred P9.12 billion in losses in the fiscal first nine months ending Dec. 31, up P6.38 billion from P2.74 billion a year earlier.
“PAL reported comprehensive loss amounting to $229.7M for the first nine months of 2013, following a one-off expense of $261M covering the retirement of its aging jets,” the company said.
“With the significant one-off expense out of its way, PAL is confident it will end 2014 healthier with a more efficient fleet planning program from the deployment of its various new aircraft, an expanded network and further upgrading of service standards on the ground and in the air,” it added.
With the Philippines now back in the Category 1 status of the US Federal Aviation Administration, “PAL can now deploy its new planes to the US and explore vast opportunities, including network expansion and partnership with other airlines, in one of the Philippines’ largest passenger markets,” the company noted, the airline now expects to generate substantial yearly savings from lower maintenance and fuel costs.
PAL will own one of Asia’s youngest fleets at 3.5 years with the completion of a modernization program that involves, among others, the replacement of 20 aging aircraft with modern, fuel-efficient planes that are will reduce costs amid expected productivity gains.
“The retirement of PAL’s old fleet is part of a turnaround strategy aimed at transforming the flag carrier into Asia’s airline of choice through a simple game-changing program of fleet modernization, network expansion and service innovation,” the airline said.
- GMA News
“2013 was a clean-up year for PAL as we go through the costly, yet necessary, fleet renewal process but we are on track with our goals and we remain committed to improving your airline’s financial and operational performance,” president and chief operating officer Ramon S. Ang said in an e-mailed statement Tuesday.
Owner and operator PAL Holdings Inc. incurred P9.12 billion in losses in the fiscal first nine months ending Dec. 31, up P6.38 billion from P2.74 billion a year earlier.
“PAL reported comprehensive loss amounting to $229.7M for the first nine months of 2013, following a one-off expense of $261M covering the retirement of its aging jets,” the company said.
“With the significant one-off expense out of its way, PAL is confident it will end 2014 healthier with a more efficient fleet planning program from the deployment of its various new aircraft, an expanded network and further upgrading of service standards on the ground and in the air,” it added.
With the Philippines now back in the Category 1 status of the US Federal Aviation Administration, “PAL can now deploy its new planes to the US and explore vast opportunities, including network expansion and partnership with other airlines, in one of the Philippines’ largest passenger markets,” the company noted, the airline now expects to generate substantial yearly savings from lower maintenance and fuel costs.
PAL will own one of Asia’s youngest fleets at 3.5 years with the completion of a modernization program that involves, among others, the replacement of 20 aging aircraft with modern, fuel-efficient planes that are will reduce costs amid expected productivity gains.
“The retirement of PAL’s old fleet is part of a turnaround strategy aimed at transforming the flag carrier into Asia’s airline of choice through a simple game-changing program of fleet modernization, network expansion and service innovation,” the airline said.
- GMA News
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