PAL posts P1.2 billion net income in 'breakthrough' first quarter 2022

ABS-CBN News

Posted at May 13 2022 05:04 PM

A Philippine Airlines plane lands at Manila's international airport, Philippines, 09 April 2108. Francis Malasig, EPA-EFE/File
A Philippine Airlines plane lands at Manila's international airport, Philippines, 09 April 2108. Francis Malasig, EPA-EFE/File

MANILA - Philippines Airlines said Friday it posted a net comprehensive income of P1.2 billion ($22.6 million) in the first quarter of 2022 due to increasing travel volumes in key markets. 

The last time it registered a positive first-quarter result was in 2016, its operator PAL Holdings said in a disclosure to the stock exchange.

In terms of revenues, it generated P24 billion from growth in both passenger and cargo, PAL said.

"We welcome the financial turnaround demonstrated by the positive operating results for the first quarter of 2022," said PAL president and COO Stanley Ng.

"Just the same, we must not lose sight of the considerable headwinds we continue to face...To protect the gains we've made so far, we must be resolute in exercising fiscal discipline and faithfully carrying out our restructuring initiatives," he added.

PAL earlier filed for a Chapter 11 Bankruptcy proceeding in a US court for financial restructing. In January it said it has completed the proceedings with a "strengthened" balance sheet.

PAL said it would embark "on a major network re-expansion" to restore more flights and routes as more restrictions ease with a $505 million fresh capital.

The flag carrier said it expects its domestic network to return to its pre-pandemic level in the second or third quarter of 2022.

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