PAL expects return to profit in Q3

MANILA, Philippines - PAL Holdings Inc., the parent firm of flag carrier Philippine Airlines (PAL), expects a positive financial results in the third quarter, citing the performance in the months of July and August.

“We’re expecting the third quarter will still be a good quarter for PAL and PAL Holdings,” PAL Holdings president and chief operating officer Jaime Bautista told reporters following the firm’s annual stockholders’ meeting yesterday.

Bautista said the months of July and August were profitable periods.

“The expectation is not too good for September because it’s a lean month but hopefully we can report a positive performance,” he added.

PAL Holdings incurred a net loss of P322.16 million in the third quarter of last year.

Its full-year 2014 net earnings meanwhile, reached P129.74 million.

As of the first semester,  PAL Holdings’ net income reached P5.86 billion.

The carrier has so far benefitted from low fuel prices  Bautista also said the firm is on track to meet its passenger volume target of 12 million this year.

The carrier’s passenger volume reached six million in the first half.

Last year, it carried over nine million passengers.

As for plans to purchase new aircraft for long-haul flights, Bautista said the company would want to make a recommendation to the board for its evaluation within the year.

The firm is considering to acquire either an Airbus A350 or Boeing 787 to replace its  A340s which consume more fuel and are costlier to maintain.

For next year, the carrier expects to take delivery of five Airbus A321 aircraft and two Boeing 777-300ER aircraft.