Philippine Airlines April-June net profit down

Philippine Airlines saw its net profit fall 21.29 percent from a year earlier to 35.5 million dollars in the first three months of the company’s fiscal year, Dow Jones Newswires reported Friday.

The Philippines’ largest airline by fleet size saw declines in both traffic and passenger yield — the average fare paid per mile — due to a sluggish global economy and fears over the swine influenza outbreak, it added.

PAL reported its revenues were down 12 percent from a year earlier to 394 million dollars in the April-June period "due mainly to the 25 percent decrease in passenger revenues to 95 million dollars, as passenger traffic and yields continued to decline."

Expenses dropped 11 percent to 358.5 million dollars because of lower fuel prices, Dow Jones said.