Philippine Airlines has reported an income of
US$72.5 million for its fiscal year ended 31 March 2011, a
significant turnaround over the previous year’s US$14.4 million
In a filing with the Securities and Exchange
Commission, PAL recognized revenues of US$1.67 billion, 23% higher
than the preceding year’s figure of US$1.36 billion.
During the year, passenger and cargo traffic
grew by 12.4% and 41.8% respectively as the aviation industry
rebounded from the global slump the year before. Increases in
passenger yields also complemented the growth in traffic volume.
Total expenses for the year totaled US$1.61
billion, up 19% from last year’s figure of US$1.35 billion. Jet
fuel, which continues to be the airline’s biggest expense, rose by
US$142 million or 29.9%.
During the 12-month period from April 2010 to
March 2011, jet fuel prices averaged at US$102.89 per barrel
compared to US$86.94 per barrel a year ago.
PAL said in a statement that it remains watchful
of the year ahead as fuel prices continue the upward trend. It
also noted a gradual slowdown in traffic demand especially for
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