"MANILA, Philippines - Philippine Airlines reported a $15.1 million profit the last 3 months of 2010, the local carrier reported on Friday.
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MANILA, Philippines - Philippine Airlines reported a $15.1 million profit the last 3 months of 2010, the local carrier reported on Friday.
Against the $22.9 million comprehensive losses reported in the same period in 2009, these earnings are considered by the Tan-led airlines as "modest."
In a filing with the Securities and Exchange Commission (SEC) on Friday, PAL's revenues for the quarter reached $397 million, a 21% increase from its $327.4 million posted in 2009.
Passenger traffic increased, as well as yields in its international operations.
PAL is still the local carrier that ferried the most number of international passengers, but the lead in the domestic market has been captured by budget airline Cebu Pacific, a Gokongwei-led airline.
Jet fuel, which is a major cost, remains a concern. Jet fuel increased by 19% from an average price per barrel of $94.56 to $100.96 for the same quarter period in 2010. This jacked up total expenses by 11% to $381.8 million.
With jet fuel prices on the rise again, PAL said any sustained upward trend could wipe out all the gains the flag carrier has so far generated.
PAL is also caught in a bitter row with the labor unions of its ground and cabin employees.
The quarter ending December is the airline's third quarter in its fiscal year.
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