MANILA, March 17, 2011 (AFP) – Philippine Airlines’ parent company said Thursday the quake and nuclear crisis in Japan, a key market, could deal a blow to the flag carrier’s revenues.
The airline remains on target to increase revenues by 10 percent for the fiscal year ending on March 31, but things are less clear afterwards because of the Japan situation, listed parent PAL Holdings Inc. said.
“Going forward, next year, because of the recent unexpected event in Japan, PAL may need to review its projections,” PAL Holdings said in a disclosure to the Philippine Stock Exchange.
Japan accounts for 10 percent of PAL’s passenger volume as well as revenues, it added.
In its disclosure, PAL Holdings said the airline’s revenues were projected before the Japanese crisis to grow 6-10 percent next fiscal year.