Emerging from trading suspension, PAL parent shares up over 9%
MANILA, Philippines — Shares in Philippine Airlines’ parent company rallied Monday as trading of the stock resumed after a nine-month suspension.
PAL Holdings Inc. gained 9.26% to close at P6.61 apiece on Monday.
Trading of PAL Holdings’ shares was suspended in June last year after independent auditing firm SyCip Gorres Velayo & Co. (SGV) noted it did not give an audit opinion on the company’s 2020 financial results due to lack of “appropriate audit evidence.”
At the time, PAL Holdings reported a P73-billion net loss in 2020, as the pandemic brings the entire aviation industry on its knees.
The company resubmitted its financial report with the auditor’s unqualified opinion on March 15. However, SGV still noted that “(m)aterial uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern.”
PAL emerged from a creditor-backed bankruptcy process in less than four months after its filing last September 3 in the US, in what taipan Lucio Tan called a “rebirth”. — Ian Nicolas Cigaral
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