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Philippine Airlines May Post Loss Of 35.3 Million

Thu Mar 28, 2002 2:40 pm

Wednesday March 27, 1:02 PM

Philippine Airlines seen flying into red

MANILA, March 27 (AFP) -

Philippine Airlines (PAL) expects to post a net loss of up to 1.8 billion pesos (35.3 million
dollars) in the current year to March due to the impact of terrorism fears, the flag carrier's
president said Wednesday.

"We think that we will end up the year (with a loss of) somewhere between 1.6-1.8 billion
pesos," PAL president Avelino Zapanta told AFP-owned financial news service AFX-Asia.

In the previous year, the airline made a net profit of 436.5 million pesos.

Reduced passenger traffic following the September 11 terrorist attacks in the United States,
as well as travel warnings about the Philippines issued in some major tourist markets, would
push PAL into the red, he added.

Zapanta stressed that the expected loss would be significantly lower than the airline's
worst-case prediction late last year of a 2.7 billion peso net loss.

PAL incurred a net loss of 2.1 billion pesos between September and November last year, he
said.

"Starting December, things started to change for the better so we think that we will not get
anywhere near that worst case scenario," he said.

"What made things worse is the negative travel advisory by Japan, which influenced other
countries such as Britain, France, US and Canada. It influenced to a great degree the rest of
the world."

The travel advisories followed kidnappings mostly in the southern Philippines, the base for
Abu Sayyaf guerrillas with alleged links to Osama bin Laden's al-Qaeda network
 
macmac76
Posts: 230
Joined: Fri Sep 29, 2000 7:04 am

RE: Philippine Airlines May Post Loss Of 35.3 Million

Fri Mar 29, 2002 5:35 am

dang...I like PAL. It sucks to hear that they're losing money now that they're just starting to recover from the Asian economic crisis. I guess all airlines suffered heavily due to 9/11. I hope PAL will recover though and continue expanding its network, hopefully fly again to London and Paris.
 
Guest

RE: Philippine Airlines May Post Loss Of 35.3 Million

Fri Mar 29, 2002 11:36 am

yea it does suck to hear PAL is losing money as they are still recovering from A.E.C I just hope that the future looks better for PAL!

Philippine Airlines

W I T H

Y O U

A L L

T H E

W A Y!


 Smile/happy/getting dizzy
A330
 
trickijedi
Posts: 3201
Joined: Sun May 13, 2001 4:35 pm

RE: Philippine Airlines May Post Loss Of 35.3 Million

Fri Mar 29, 2002 12:31 pm

Yup! This sucks!

But as much as I didn't want to admit, I expected it. As soon as I heard official news that American-based airlines were struggling financially as a result of 9.11, I immediately thought of PAL and how they were doing. Everytime I heard about Al-Qaeda activity in Mindanao I thought of PAL. In fact, I was dreading a reduction of service (eg SFO-MNL, YVR-MNL, LAX-MNL) announcement by PAl after the attacks. I certainly do hope they recover.

What are your hopes for an allliance? I don't think it's going to happen but I hope it does. Any alliance will do. Your thoughts?
Its better to be on the ground wishing you were in the air than be in the air wishing you were on the ground. Fly safe!
 
Guest

RE: Philippine Airlines May Post Loss Of 35.3 Million

Fri Mar 29, 2002 12:47 pm

In The April Edition of Airways Magazine Avalino Zapanta Said That PAL is in no hurry of Joining a Alliance And is not Expecting A Alliance to Invite Them because He Explains That Philippine Culture Does not like to be rejected. But it says if a Alliance Does Invite Them PAL Will Definatly Join!

Someone Go Tell STAR, oneWorld or Skyteam Right Now  Big thumbs up


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A330

 
trickijedi
Posts: 3201
Joined: Sun May 13, 2001 4:35 pm

RE: Philippine Airlines May Post Loss Of 35.3 Million

Fri Mar 29, 2002 12:57 pm

Preferably STAR. Big grin
Its better to be on the ground wishing you were in the air than be in the air wishing you were on the ground. Fly safe!
 
macmac76
Posts: 230
Joined: Fri Sep 29, 2000 7:04 am

RE: Philippine Airlines May Post Loss Of 35.3 Million

Fri Mar 29, 2002 1:56 pm

Yeah, Star Alliance! That'd be soooo cool for PAL to join.
 
Guest

RE: Philippine Airlines May Post Loss Of 35.3 Million

Fri Mar 29, 2002 2:07 pm

Exactly. So i can Collect Points on Star With my Air Canada Aeroplan Card!!!

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A330