Philippine Airlines yesterday said its $301.4 million loss in the fiscal year ended March 31 prompted an array of "extraordinary" cost-cutting measures including the offering of early retirement packages to employees. It also approved the reduction in par value of its shares to PHP0.2 (0.4 cent) from PHP0.8 and a 25% increase in its authorized capital stock to PHP20 billion. PAL's fiscal 2008-09 revenue rose 8.6% to $1.63 billion but expenses climbed 23.5% to $1.9 billion. Load factor ...

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