PAL 777-300ER. Photo: By Rob Finlayson. Philippine Airlines reported net income minus equity changes of $31.6 million for its fiscal first-quarter ended June 30, down 11% from a $35.5 million profit on the same basis in the prior-year period. The profit drop occurred despite strong passenger and cargo demand. Revenue for the period increased 30% year-over-year to $426.7 million while expenses rose 37% to $391.6 million. Jet fuel costs lifted by $55 million during the quarter with ...

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