MANILA - Philippine Airlines on Friday said it booked an operating income of $ 135.2 million or around P 7.4 billion in the first quarter of 2023.
PAL said this was a substantial improvement from the $33.8 million P1.7 billion logged by PAL in the first quarter of 2022.
The airline also said that its total comprehensive income hit $ 108.2 million or P5.9 billion during the period.
"The positive financial performance reflects the continuing strength of the recovery of air travel," PAL said.
PAL re-introduced routes to several cities in mainland China and launched nonstop flights to Perth, while maintaining regular services to North America, the Middle East, Australia and various destinations around Asia and the Philippines, the airline said.
Revenues hit $ 776.9 million or around P42.6 billion in the first quarter of 2023, which represented a 66.5 percent improvement from the same period in 2022, driven by a 156.2 percent increase in the number of passengers carried on PAL’s global network, the airline said.
“The stronger recovery brings transition challenges that impact our operations, and we commit to make productive use of our improving revenues to invest in fleet upgrades, product improvements, operational support and above all safety,” said Captain Stanley K. Ng, PAL President & Chief Operating Officer.