Philippine Airlines said an "absence of major one-time gains" was responsible for a swing in financial fortunes that resulted in an $11.3 million loss in the fiscal third quarter ended Dec. 31, reversed from a $79.5 million profit in the year-ago quarter. Operating income, however, improved to $15.3 million from $13.2 million in the year-ago period, PAL claimed. Revenue slipped 5% to $371.8 million while expenses climbed 23% to $383 million. It did not explain how it achieved an operating ...

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