Philippine Airlines, Inc. (PAL) reported a total comprehensive income of P9.58 billion for the first 9 months of 2022, a significant turn-around from a total comprehensive loss of P27.19 billion in the same period last year.

Consolidated revenues soared 204 percent to P97.77 due to the growth in passenger revenues by 265.3 percent.

Air cargo grew 20.6 percent and the increase in the number of flights operated led to increased revenues.

However, consolidated operating expenses increased to P85.54 billion, or 100.1 percent, from the impact of higher fuel prices as flights started to increase.

Due to the increase in passenger load factor and yield consolidated operating income for the current year amounted to P12.23 billion, a remarkable turn-around from the P10.59 billion operating loss for the same period last year.

For the third quarter of 2022, the flag carrier registered an operating income of $ 86.8 Million (P 4.9 Billion) and comprehensive income of $ 62.7 Million (P 4.2 Billion).

PAL generated $ 724.1 Million (P 40.8 B) in revenues for the third quarter of 2022, representing a 99.8 percent growth in passenger revenues and a 34.9 percent growth in cargo and ancillary revenues versus the same period in 2021.

Operating expenses amounted to $ 637.3 Million (P 35.9 B) for the quarter, with the high cost of fuel a persistent concern for the aviation industry.

“We are thankful for the strong support of our customers, shareholders, partners and personnel that enabled us to achieve this third straight quarter of positive operating results, despite the continuing global economic and geopolitical challenges,” remarked PAL President & COO Capt. Stanley K. Ng.

“We will remain steadfast in carrying out our mission of service, bridging our islands and connecting our homeland with the rest of the world, for the benefit of tourism, trade and the Filipino people.”

The flag carrier continues to gradually expand its route network in line with the progressive comeback of business and leisure travel.

In addition to an extensive domestic network anchored on its gateway hubs in Manila, Cebu and Davao, PAL is the only airline operating nonstop flights linking the Philippines to the U.S. and Canada, along with the largest network of flights from Manila to multiple cities in the Middle East, Japan and Australia.

PAL also operates all-cargo flights to various local and overseas economic centers.

PAL will launch new routes from Cebu to Baguio and Cotabato City, as well as from Clark to Hong Kong, beginning in December 2022. Clark also gained a new PAL international link to Seoul and Busan this week.