MARKET HEADLINE: SHORT SELLING BY OCTOBER

PAL Holdings, Inc.
7-2

PAL to mount additional domestic routes from Clark

PHILIPPINE Airlines (PAL) is set to add domestic routes from its hub at the Clark International Airport this year, starting with the launch of Clark-Siargao flights on Saturday.

In a statement, the flag carrier said it will start flying from Clark to Siargao, Mindoro, Palawan and Isabela.

“Four new domestic points — Siargao, San Vicente (Palawan), Cauayan (Isabela) and San Jose (Mindoro) — will be added to PAL’s hub at Clark International Airport in Pampanga, cementing the airport’s status as Central Luzon’s aviation center,” it said.

The Clark-Siargao route opened on July 1 and will fly every day using the Bombardier Next-Generation Q400 turboprop aircraft. Siargao has become a popular tourist destination for local and foreign tourists, especially after the closure of Boracay island.

The routes from Clark to San Vicente in Palawan, Cauayan in Isabela and San Jose in Mindoro will open on Oct. 28. It will have twice daily flights to San Vicente, six times weekly to Cauayan and eight times weekly to San Jose.

The aircraft to be used for the three destinations is the Q400, which offers 80 Economy Class seats and six Economy Plus seats.

PAL said it currently has seven Q400NGs after having received two Q400NGs in the past two months. It added, the company is expecting five more Q400NGs to be delivered until next year.

“PAL’s build-up of operations at Clark, as well as in Cebu and Davao, aims to significantly enhance travel convenience and connectivity for domestic travelers, while helping decongest Manila’s Ninoy Aquino International Airport,” the carrier said in the statement.

With the new routes in PAL’s Clark hub, the airline has now increased its total destinations from the Clark International Airport to 19, including flights to Seoul, Busuanga, Caticlan, Puerto Princesa and Virac.

The operator of PAL, PAL Holdings, Inc., posted a higher net loss in the first quarter at P1.1 billion due to an increase in fuel spending. But PAL President Jaime J. Bautista said last month the company is expecting a “modest” profit by the end of the year as it applies for a higher fuel surcharge from the Civil Aeronautics Board (CAB).

PAL’s application for fuel surcharge is scheduled for hearing by the CAB on July 10.


source: http://bworldonline.com/pal-to-mount-add...rom-clark/
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...bagong flight...good yan Smile  positive 

PAL to mount flights to Sapporo in September


SNOW sculptures are lit up during the 66th annual Sapporo Snow Festival on Feb. 5, 2015. — AFP
PHILIPPINE Airlines (PAL) will start flying to Sapporo in September, as Japan gains popularity as a tourist destination among Filipinos.

In a press conference in Manila on Thursday, PAL President and Chief Operating Officer Jaime J. Bautista said the flag carrier decided to add a six-hour direct flight from Manila to Sapporo due to increasing demand.

“Last year, we carried almost half a million passengers [to Japan] with our 89 weekly flights. With the introduction of Sapporo, this will result to more passengers going to Japan. So we’re expecting more than 500,000 next year,” Mr. Bautista said.


Starting Sept. 10, PAL will fly thrice a week to Sapporo’s New Chitose Airport every Monday, Wednesday and Friday. It will use a 168-seater Airbus A321neo for the flights.

This the airline’s second-long range flight after its Manila-Brisbane route, and its sixth destination in Japan.

“We’ll start first with Manila to Sapporo. As we grow the market, we can consider flying [to Japan] from other major cities in the Philippines [like Cebu and Davao],” Mr. Bautista said.

He said the airline will evaluate the Manila-Sapporo route first before possibly increasing flight frequencies.

“But as we develop the market, as we grow the market, this will be a substantial growth in our operations in Japan,” the PAL chief said.

Aside from Sapporo, PAL currently flies to Fukuoka, Osaka (Kansai), Nagoya (Chubu), and Tokyo (Narita and Haneda). The company also provides chartered flights to Okinawa island.

PAL Vice-President for Sales Ryan T. Uy said the new Japan flight would also attract more Japanese tourists to visit the Philippines.

“The demand, yes, we do see a demand from Cebu. The favorite destination[s] of the Japanese are Cebu [and] Boracay,” he added. 


source: http://bworldonline.com/pal-to-mount-fli...september/
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8-13

...loss pa rin yan kahit lumiit Smile  gusto ng investors profit

PAL losses contract 16.79% in Q2

THE listed operator of Philippine Airlines (PAL) saw a 16.79% cut in its losses in the second quarter driven by higher passenger volumes and other revenues.

PAL Holdings, Inc. saw its net attributable loss down to P290.817 million from last year’s P349.5 million despite recording higher expenses.

It’s total revenue reached P38.34 billion, up 13.9% from the P33.66 billion it posted last year. It said in a regulatory filing that the growth is “primarily due to the increase in passengers and cargoes carried as a result of the increase in number of flights operated as well as improvement in yields.”

The flag carrier’s total expenses grew to P38.67 billion from last year’s P33.21, surging 16.4% because of the additional flights PAL opened.

“The increase was primarily due to higher flying operations, aircraft and traffic servicing, reservations and sales, passenger service and maintenance expenses,” it said.

The rising price of fuel continues to affect the company’s business, hitting it with a 32.8% increase — P3.2 billion — in flying operations expenses. It said that the per-barrel price of fuel surged to $93.92 this year from $73.89 last year.

PAL President Jaime J. Bautista previously told reporters the airlines consumes up to 11 million barrels of fuel every year.

PAL saw its net attributable loss from January to June go up 7.19% to P1.398 billion from last year’s P1.304 billion due to higher losses in the first quarter.

Mr. Bautista told reporters in June that the company is hopeful to end the year with a “modest profit,” as it seeks to impose a fuel surcharge, having made an application at the Civil Aeronautics Board (CAB).

He also said last month that the market is growing, keeping the company hopeful that it would achieve this goal by the end of the year.

PAL reported a net loss of P7.3 billion in 2017 due to higher expenses brought by rising fuel prices and aircraft and passenger expenses. It sank further in the first quarter of 2018, to P1.1 billion from P954 million year on year.

The CAB said in July that it is working on a “surcharge matrix” which will guide airlines in adjusting their prices based on the cost of fuel. PAL and Cebu Pacific have both applied for fuel surcharges with the CAB due to rising fuel expenses. 


source: http://www.bworldonline.com/pal-losses-c...-79-in-q2/
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8-16

PAL asks SEC to approve equity restructuring

PAL HOLDINGS, Inc. said it sought Securities and Exchange Commission’s (SEC) approval of a new equity restructuring plan.

In a disclosure to the stock exchange on Wednesday, the listed operator of Philippine Airlines (PAL) said it is seeking to use its additional paid-in capital of P25.340 billion last year “to partially wipe out its deficit” in the same year, which amounts to P29.074 billion.

In its 2017 annual report filed with the SEC, PAL Holdings said it employed the same strategy in October 2007, when it wanted to erase a deficit of P253.73 million against paid-in capital.

The SEC then allowed PAL to use its additional paid-in capital of P4.03 billion, “subject to the condition that the remaining additional paid-in capital will not be used to wipe out losses that may be incurred in the future without prior approval of the Philippine SEC.”

In September last year, the airline also requested from the SEC to reduce its authorized capital stock and cut on the par value of each share in the company-also a move to remove PAL’s deficit.

PAL was permitted to reduce its capital stock to P13 billion from P20 billion, which lowered the par value of each share to 13 centavos from 20 centavos.

PAL’s application for equity restructuring is intended to prepare the company for the entry of a new strategic investor.

PAL President Jaime J. Bautista also said in 2017 they are looking for a strategic investor that may buy “less than 40%” of the company. But he told reporters last month they have yet to come up with a resolve in their ongoing discussions.

“The situation kasi is very volatile at this time because of the oil price.” Mr. Bautista said.

PAL’s losses slipped by 17% in the second quarter to P290.817 million, from the P349.5 million it posted in the same period last year, driven by an increase in total revenues. 


source: http://www.bworldonline.com/pal-asks-sec...ructuring/
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9-4

...ayun! approved! umangat kaya presyo nito in the coming days? Tongue

PAL equity restructuring gets SEC green light

THE operator of Philippine Airlines (PAL) on Monday said the Securities and Exchange Commission (SEC) has approved the equity restructuring plan to partially wipe out its deficit.

In a disclosure to the stock exchange on Monday, PAL Holdings, Inc. said the SEC issued a certificate of approval of its equity restructuring on Aug. 23.

PAL said the approval means the company may now use its additional paid-in capital of P25.340 billion from its 2017 financial statement to partially wipe out its deficit of P29.074 billion in the same year.

The flag carrier’s application for equity restructuring is a repeat of what it did in October 2007. At that time, the company had also sought the SEC’s approval to use its additional paid-in capital to wipe out its deficit. SEC approved PAL’s application then, allowing the company to remove a deficit of P253.73 million using its additional paid-in capital of P4.03 billion.

At that time, PAL said the regulator required the company to get approval from the SEC before using its remaining additional paid-in capital to erase any losses in the future.

In September last year, the SEC approved a similar application from PAL, again crafted to remove its deficit in its financial report. It requested to decrease its authorized capital stock and increase the par value of each of its shares.

PAL said then the removal of its deficit was part of the company’s intentions to welcome a new strategic investor that will buy “less than 40% of the company.”

PAL President Jaime J. Bautista told reporters in July discussions with prospective investors have not progressed.

The flag carrier saw its net attributable loss from January to June go up 7.19% to P1.398 billion from last year’s P1.304 billion due to higher losses in the first quarter.

Mr. Bautista told reporters in June that the company is hopeful to end the year with a “modest profit,” as it seeks to impose a fuel surcharge, having made an application at the Civil Aeronautics Board. 


source: http://www.bworldonline.com/pal-equity-r...een-light/
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9-21

More PAL flights in October for ‘winter season’

PHILIPPINE Airlines (PAL) is adding more local and international flights from Manila, Clark, Cebu and Davao as it braces for the coming of the “winter season” next month.

In a statement on Thursday, the flag carrier said it would increase the frequency of flights to 34 domestic and 42 overseas destinations starting Oct. 28.

“Our goal is to address the travel needs of our various customers and extend PAL’s reach to the country’s global markets. PAL’s expanded network will encourage more business activity as flight frequencies meet business travelers’ requirements, while leisure travelers will enjoy more options to plan better vacations,” it said.

The additional flights will also use its newly bought aircraft, the long-range Airbus A350-900 and mid-range A321neo, for the first time for an entire season.

“The expansion of flight frequencies is just one of many initiatives undertaken by the 4-Star airline to strengthen its position as the country’s preferred premier carrier,” it said.

Earlier this year, PAL had been awarded by international air transport rating organization Skytrax a four-star rating, which makes the company the first airline in the country to receive the highest rating.

Aside from expanded frequencies, PAL will also launch its flights to Sapporo on Oct. 8, will start flying its first nonstop flight to New York, will open a five times weekly flight to San Vicente airport in Palawan, and will begin a new route from Clark to Cauayan in Isabela and San Jose in Mindoro.

“Our inbound passengers from Asia, Australia and North America will enjoy smoother connections to various points in our island provinces and our Asian neighborhood,” it said.


source: https://www.bworldonline.com/more-pal-fl...er-season/
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9-25

...taas fuel costs...taas dollar...lugi nekosyo Tongue

PAL, Cebu Pacific raise fares as fuel cost rises

Cebu Pacific President Lance Y. Gokongwei told reporters on the sidelines of an air transport forum in Makati City on Monday that the airline had rolled out updated airfares after the CAB’s issuance of a fuel surcharge matrix last month.

Alexander G. Lao, president of Cebu Pacific subsidiary of Cebgo, Inc., said the airline had followed “Level 3” of the surcharge matrix, which means an addition of as low as P74 for short distance flights. Examples of these flights are those from Cebu to Bacolod, or Cebu to Tagbilaran.

For international flights, a Level 3 surcharge means an additional airfare of P1,425 for those connecting Manila to Dubai or Melbourne, Australia.

Maria Socorro R. Gonzaga, PAL vice-president for external affairs and partnerships, confirmed to reporters that the airline had started charging higher fares last week. This was after PAL filed an application to the CAB when the surcharge matrix became effective mid-September.

Mr. Lao said while the fuel surcharge is not meant to offset all costs, it is expected to help the company recover some of its losses.

“Fuel surcharge is only to recover a portion of the cost. I think it’s 70% or 80% of the incremental fuel cost. But it does help,” he said.

Philippines AirAsia, Inc. said it had filed an application with the CAB on Friday but had yet to get the regulatory board’s approval.

Cebu Air, which operates under the trade name Cebu Pacific, saw a 24% drop in net income during the first half at P3.309 billion. This was mainly attributed to the rising price of jet fuel and the weakening of the Philippine peso.

According to the International Air Transport Association (IATA), the cost of jet fuel as of Sept. 14 reached $90.83 per barrel, 28.49% higher than in the same period last year and 2.96% higher compared with the cost last month.

Transportation Undersecretary for Aviation Manuel Antonio L. Tamayo previously said allowing airlines to impose a fuel surcharge was necessary to keep them from suspending flights just to cope with ballooning expenses.

“We have to let the airlines survive instead of cancelling flights, sacrificing quality of service,” he had said.

PAL’s listed parent firm PAL Holdings, Inc. reported higher spending in the first half due to the rise in fuel costs, recording a 21.7% increase in flying operations to P41.012 billion.

In a text message, PAL Spokesperson Cielo C. Villaluna told BusinessWorld the surcharge would help cushion the impact of rising fuel prices on the airline’s operations.

“It partially helps a carrier recoup extraordinary expenses brought about by such price hikes. Fuel surcharge is computed per route, based on distance. The imposition of fuel surcharge is allowed to help sustain the viability of airline operations,” she said.


source: https://www.bworldonline.com/pal-cebu-pa...ost-rises/
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10-18

...mataas pa rin aviation fuel cost Tongue

PAL to mount direct flights to New York starting Oct. 29

FOUR-STAR carrier Philippine Airlines (PAL) will mark another milestone in aviation history as the first airline to mount a direct nonstop service from the Philippines to the Big Apple starting October 29.

A brand-new PAL Airbus A350-900 will be used for the historic flight when it departs as flight PR126 from the Ninoy Aquino International Airport for a 16-hour nonstop journey across the North Polar region, to land at New York’s John F. Kennedy International Airport on the evening of the same day.

PAL President and COO Jaime J. Bautista said, “We look forward with eager anticipation, as we prepare to fly almost halfway around the world on the longest route ever to be served by a Philippine carrier. What’s in store for travelers is a journey unparalleled—an ultra-comfortable flight on one of the world’s most advanced commercial airplanes. The maiden nonstop 16-hour Manila to New York journey will usher in a long-haul travel experience marked by comfort, convenience and efficiency.”

PAL VP Sales Ryan Uy noted brisk sales for this newest product offering. “People want to experience this much-talked about A350 aircraft. They want to sample the spacious cabin designed for rest, relaxation, fine dining and wide choices of video entertainment.  Now, they can enjoy the A350 on a flight that takes them directly to the US East Coast, with no more time-consuming stopovers and no inconvenient transfer connections along the route. One take-off and one landing, and you’re in the Big Apple.”

Tourists and balikbayan based in the New York, New Jersey and Connecticut states will find it easier and more convenient to visit the Philippines. Prior to the new PAL service, Manila-bound passengers had to go through intermediate stopovers in Canada, the US West Coast or airports in other Asian countries, usually by connecting from one flight to another. The PAL service between Manila and New York City gives passengers the flexibility to choose from a wider selection of departure days.

From October 29 to November 3, PAL will operate a four times weekly service (Monday,  Tuesday, Thursday, Saturday) from Manila to New York.

PR126 departs from Manila at 8:10 p.m. and arrives in New York JFK at 11:15 p.m. (local time) on the same day. By November 5, Manila departure will shift to 9 p.m. and arrival in New York JFK remains at 11:15 p.m. Starting December 6, PAL will start serving the MNL-NYC route five times weekly with the introduction of the 5th frequency (every Wednesday).

From October 30 to November 5, PAL will serve the New York to Manila route four times weekly (Tuesday, Wednesday, Friday, Sunday).

PR127 will leave New York JFK at 1:45 a.m. (local time) and touch down in Manila is at 6:25 a.m. the following day. By November 7, arrival in Manila will be at 7:25 a.m. (Note: departure from New York remains at 1:45 a.m. local time.)

PAL will operate the fifth frequency (every Thursday) out of New York starting December 13.

All PAL flights to New York will depart from Naia Terminal 2. PAL flights from New York will arrive at Naia Terminal 1.

However, PAL flights to and from Canada (i.e. Vancouver and Toronto) will use Naia Terminal 1 as their point of departure and arrival in Manila.


source: https://businessmirror.com.ph/pal-to-mou...ng-oct-29/
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11-9

...loss pa rin yan kahit sabihin bumababa loss Tongue

PAL operator trims losses in Q3

THE operator of Philippine Airlines (PAL) trimmed its attributable net loss by 15% to P2.54 billion in the third quarter.

In a regulatory filing, PAL Holdings, Inc. said its revenues grew 22% to P36.94 billion during the July to September period, on the back of an “increase in number of passengers as a result of additional flight frequencies and introduction of new routes.”

However, third quarter expenses still rose 21% to P39.73 billion, due to rising jet fuel prices.

“(The growth in expenses is) mainly due to the increase in jet fuel prices, aircraft lease charges, and number of flights operated. This was offset in part by the decrease in maintenance and repairs and general and administrative expenses,” the listed firm said.

PAL’s spending for jet fuel surged 54% as the average price grew by 34% to $96.38 per barrel from only $71.7 per barrel last year. Fuel consumption also rose as it added more flights during the period. “Lease charges likewise increased by 28.0% or P1.00 billion due to additional aircraft deliveries in 2018,” it added.

For the nine-month period, PAL cut its attributable net loss by 8% to P3.921 billion from P4.263 billion in the same period last year.

PAL said its total revenue in the first three quarters of the year is 16% higher at P112.07 billion, due to increased passenger and cargo revenues.

“The increase was brought about mainly by higher passenger and cargo revenues generated during the current period as a result of the increase in number of passengers and flights operated,” it said.

Total expenses jumped by 17% to P115.30 billion during the first nine months of the year, fueled by a 27% rise in flying operations expenses to P63.26 billion.

In September, PAL was allowed by the Civil Aeronautics Board (CAB) to implement a fuel surcharge for international and domestic flights to help it recover losses from the rising price of jet fuel.

PAL filed an application with the regulator earlier this year, saying it has been taking a hit from the global trend of costlier aviation fuel.

The International Air Transport Association (IATA) said the price of jet fuel is $89.90 per barrel as of Nov. 2, 22.8% higher from in the same period last year. 


source: https://www.bworldonline.com/pal-operato...ses-in-q3/
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