Philippine Airlines (PAL) has posted a loss of US$10.6 million for the first quarter of fiscal year 2011-12. The result marks a return to the red for the national carrier, which recorded a US$31.6 million profit in the same period last year. PAL blamed the result on rising fuel prices, as well as the affects of the disasters in Japan.
In a report submitted to the Philippines’ Securities & Exchange Commission, PAL said that operating revenues climbed 6% to US$454.1 million for the April to June 2011 period. Operating expenses however, escalated 18% to US%464.7 million. The company’s jet fuel costs jumped 36% to US$210.8 million – 45% of its total operating costs.