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Manila Bulletin devider Business devider PAL posts 1st positive earnings in 6 years

PAL posts 1st positive earnings in 6 years

Published Aug 3, 2022 04:12 pm

Philippine Airlines, Inc. (PAL) reported growth in earnings in the first semester this year, its first positive financial results since 2016, the flag carrier disclosed Wednesday, Aug. 3.

PAL hauled in an operating income of $125 million (P6.6 billion) and net comprehensive income of $71 million (P4.2 billion) for the first half of 2022.

PAL generated $ 1.1 billion (P58.1 billion) in revenues, representing a 258 percent growth in passenger revenues and a 31 percent growth in cargo revenues for January to June 2022, as compared to the same period in 2021.

Operating expenses amounted to $986 billion (P51.5 billion) for the period, which includes $380 million (P19.9 billion) in fuel expenses, reflecting the impact of significantly higher fuel prices afflicting the aviation industry worldwide.

“We view the positive operating results for 1st half 2022 as a demonstration of the loyal support of our PAL customers and a validation of the efforts of our shareholders, management and personnel to rebuild our international and domestic network," stated PAL President & COO Capt. Stanley K. Ng.

“We acknowledge tough challenges ahead, as various regions grapple with rising inflation, higher energy costs and economic uncertainties,” he added.

“So, we will continue to be fiscally prudent as we mobilize our talents and resources to grow responsibly, in a way that helps boost tourism, supports overseas Filipinos and offers the best value to travelers and cargo shippers.”’

With US$ 505 Million in fresh capital from its shareholder family, PAL continues to restore more flights and routes, in relation to the easing of travel restrictions in the Philippines and other countries.

Ahead of other airlines, PAL has invested in rebuilding its international network between the Philippines and North America, Australia and the Middle East, along with many parts of Asia.

This has provided a lifeline for overseas Filipinos around the world, while helping to preserve the flow of trade and facilitate the ongoing revival of tourist travel that supports jobs and business activity in communities throughout the Philippines.

In addition to PAL’s extensive domestic network linked to gateways in Manila, Cebu and Davao, the flag carrier is the only airline operating nonstop flights linking the Philippines to the US 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.

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