Philippine Airlines (PAL) has revised its projected loss for the financial year ending March to 2 billion pesos ($76 million), following the five-day staff strike of 1996 and lower-than-expected earnings in December. It had forecast reduced losses of 1-1.3 billion pesos, down from the 2.2 billion pesos loss reported for 1995/6. According to PAL chief financial officer Jamie Bautista, the November strike cost the carrier 500 million pesos. Bautista, however, remains confident that the airline will break even in 1998.
Source: Flight International