Philippine Airlines (PAL) saw its fiscal first quarter net profit fall 47% year-on-year to 1.7 billion Philippine Pesos ($35 million).
In the three months to June 30, revenues fell 500 million pesos to 18.9 billion, says the airline.
Losses on derivative assets hurt the bottom line, incurring a loss of 325 million pesos, versus a profit of 4.1 billion pesos in the first quarter in 2008.
Source: Air Transport Intelligence news