Philippine Airlines posts record profit in first half of 2022

ABS-CBN News

Posted at Aug 04 2022 09:29 AM

MANILA - Philippine Airlines posted a comprehensive net income of $71 million (P4.2 billion) in the first half of 2022 driven by the continued recovery from the pandemic, its operator PAL Holdings said Thursday. 

This also marks the first positive first and second quarter financial result for the flag carrier since 2016, PAL Holdings Inc said in a disclosure to the stock exchange. 

Revenue generated reached $1.1 billion (P58.1 billion), representing a 258 percent growth in passenger revenues and 31 percent in cargo revenues for the period, the Lucio Tan-led firm said.

Operating expenses reached $986 billion (P51.1 billion) including $380 million (P19.9 billion) in fuel expenses which reflects the impact of "significantly higher fuel prices" affecting the aviation industry, it added.

"We view the positive operating results for the 1st half 2022 as a demonstration of the loyal support of our PAL customers, for which we are deeply grateful, and a validation of the efforts of our shareholders, management and personnel to rebuild our international and domestic network amidst the strengthening recovery or air travel," PAL President and COO Capt. Stanly Ng said.

Ng said the airline would continue being fiscally prudent as it faces inflation, higher energy costs and other economic uncertainties.

PAL earlier emerged from a Chapter 11 Bankruptcy proceeding in the US. It has received a fresh capital of $505 million. 

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