The company reported a Php609.17 million loss during the second quarter of its fiscal year, which ran from April 1 to March 31. The figure is 63.95% lower than the Php1.69 billion loss registered last year.
For the period, revenues gained 0.67% to Php18.07 billion on the back of increased passenger revenues while expenses decreased by 4.89% to Php18.68 billion as the cost of flight operations went down.
Conglomerate Lopez Holdings Corp. (LPZ) posted a 66.1% decline in its core income for the third quarter to Php1 billion despite an improvement of 19.32% on the company’s gross revenue.
The drop in net income was largely driven by higher production costs, general and administrative expenses, and cost of sales and services, which rose by 9.21%, 19.35%, and 25.41%, respectively. However, LPZ’s net income for the first nine-months of the year climbed by 52.34% to PHP6.84 billion.