PAL Holdings Inc., the parent firm of flag carrier Philippine Airlines, reported that its losses in the quarter ending in December had widened due to recent expansion efforts—where rising costs outpaced growth in revenue.
San Miguel Corp. has taken over management control of publicly listed PAL Holdings—the parent company of flag carrier Philippine Airlines—following a recent $500-million buy-in deal with the group of taipan Lucio Tan.
Lucio Tan’s PAL Holdings Inc., the parent company of flag carrier Philippine Airlines, posted a net loss of P1.459 billion in October to December 2011, the listed firm reported this week.
