PAL confirms P1.5-B loss since bankruptcy filing

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PAL Holdings Inc., the listed operator of flag carrier Philippine Airlines, confirmed on Monday it ended September with a loss of $29.56 million or P1.5 billion since its Chapter 11 filing on Sept. 3, as disclosed by its chief financial officer said.

The embattled airline’s end-September report to the United States Bankruptcy Court for the Southern District of New York showed it had a gross income of $91.75 million for the month.

The airline said the cost of goods sold from Sept. 3 to 30 reached $90.42 million, resulting in a gross profit of $1.33 million.

PAL filed its September operating report on Oct. 15, according to a copy of the document from the airline’s claims agent Kurtzman Carson Consultants LLC. (PR)

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