PAL bleeds P21 B in first half of 2020

Published August 16, 2020, 9:31 AM

by Emmie V. Abadilla

PAL Holdings bled ₱20.93 billion for the first half of 2020 against ₱3.33 billion in the same period last year.

Revenues, the bulk of which came from passenger ticket sales, plunged
55 percent to ₱37 billion.

Meanwhile, the Philippine Airlines (PAL) put off its plane orders for half a decade until global passenger demand recovers from the impact of the coronavirus pandemic.

(Manila Bulletin File Photo)
(MANILA BULLETIN FILE PHOTO)

Taipan Lucio Tan infused ₱18 billion into PAL Holdings since last year to continue operating and retain its workers in the midst of travel restrictions during the lockdown period.

Like the rest of the local carriers, PAL cancelled hundreds of passenger flights to comply with quarantine rules although it continued mounting cargo flights.

As of last month, PAL has mounted 640 local and international cargo flights to transport food commodities and medical supplies.

In addition, the flag carrier flew 222 sweeper and repatriation flights to bring home stranded Filipinos in a handful of continents.

PAL also seeks state support via loan guarantees and emergency credit lines to weather the effects of the pandemic.

 
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