The parent company of Philippine Airlines has suffered a record 73 billion pesos ($1.51 billion) loss in 2020.
In a disclosure, PAL Holdings Inc. said that it is in the final stages of putting together a debt restructuring plan for the flag carrier to help it through the crisis. PAL Holdings said consolidated revenue at the airline fell 64% to 55.3 billion pesos last year due to travel restrictions imposed to stop the COVID-19 pandemic.
“Philippine Airlines will have a long way to go for recovery,” the company said in a statement accompanying its earnings announcement. “The uncertainty of the situation still prevails, but news on the availability of COVID-19 vaccine brings hope that passenger traffic will be better than 2020.”
Philippine Airlines, which is partly owned by Japan’s ANA Holdings. announced in October it was slashing 2,700 jobs, or a third of its workforce. It has a fleet of 97 Boeing and Airbus aircraft, 81 of which are leased.
As part of cost-cutting moves, Philippine Airlines has started its fleet restructuring in accordance with a projected reduced demand in air travel. The airline is expected to stop “certain ultra-long-haul routes and will adjust frequencies of its overall route network” as compared to 2019 levels.
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