WednesdayFiled under Asia News, Southeast Asia, Business & Politics
The flag carrier, known as PAL, had said it expected to return to profitability in the 12 months to March 2011 after posting a net loss of US$14.3 million (S$19.4 million) in its previous fiscal year.
‘We wish to confirm that (PAL) may have to revise its targets… because the cancellation of several flights have indeed affected the revenue of PAL,’ PAL Holdings said in a statement.
Twenty-five pilots and first officers of PAL’s short-haul aircraft suddenly quit last week for higher paying jobs abroad. The synchronised move forced the airline to cancel 22 domestic and regional flights between Saturday and Monday.
On Tuesday the airline said its operations were back to normal but that three domestic flights had been axed indefinitely due to the pilot shortage.
PR Holdings, the investment vehicle for Lucio Tan, PAL chairman and majority shareholder, did not disclose the airline’s exact losses from the pilot trouble.
All entries filed under Business & Politics
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