Industry

PAL Confirms $208 Million (P10.54 Billion) Net Loss in 2019

It's the worst loss in the company's history.
IMAGE WIKIMEDIA COMMONS
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PAL Holdings Inc. confirmed in a disclosure on the Philippine Stock Exchange that the company incurred a whopping net loss of $208 million or P10.54 billion in 2019.

In an article published by Inquirer.net on March 2, the publication claimed that the airlines was “fighting for its future,” a statement that PAL Holdings confirmed on March 3.

PAL’s 2019 net loss of almost P10.6 billion is reportedly the biggest loss in the company’s history, caused largely by its long-term debt, lease obligations, the Taal Volcano eruption, and the COVID-19 outbreak. Last year was the third consecutive year of losses for PAL, which has taken a number of management moves to turn the company around.

In 2019, current PAL Holdings Inc. president and COO Gilbert Santa Maria was handpicked by Lucio Tan Sr. to head PAL and solve the company’s many challenges.

Just a few days ago, 300 PAL employees were retrenched in a voluntary “separation initiative” due to the wake of 2019’s losses, which were made worse by COVID-19’s impact on the tourism industry.

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Anri Ichimura
Staff Writer, Esquire Philippines
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