Taipan Lucio Tan’s PAL Holdings Inc. said in a stock exchange filing on Friday that losses widened from P838.2 million in the same period in 2019.
Passenger ticket sales, which accounts for the bulk of PAL’s revenue, fell 21.4 percent during this period. Total revenue went down 18.3 percent to P32.1 billion while expenses increased 5.2 percent. PAL said flying costs went up due to hedging losses.
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