10 months PAL Holdings reports P3-B loss due to change in accounting rules MB |Biz
By Emmie V. Abadilla PAL Holdings, Inc. bled over P3 billion in the first half of 2019, 355 percent higher than its total loss of P661.56 million in the comparative period last year as it reported lease transactions formerly excluded from its balance sheets due to a change in accounting rules. However, the company’s consolidated revenues rose 8.6 percent to P81.25 billion after hauling in more passengers, putting out more flights, adding new routes and earning more from its ancillary businesses, despite a 6 percent dip in cargo revenues. The new lease accounting standard (PFRS 16) also jacked up ... more