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PAL recorded an operating income of US$125 million and net comprehensive income of $71 million for the first half of 2022
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This is the first positive first- and second-quarter financial results since 2016
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PAL booked revenues of $ 1.1 billion, representing a 258% growth year-on-year in passenger revenues for the first half
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Cargo revenues also jumped 31% in the first half
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Challenges ahead include rising inflation, higher energy costs and economic uncertainties
Philippine Airlines, Inc. (PAL) posted record profits in the first half, recording an operating income of US$125 million (P6.6 billion) and net comprehensive income of $71 million (P4.2 billion). The airline in a statement said this was its first positive first- and second-quarter financial results since 2016.
PAL generated $1.1 billion (P58.1 billion) in revenues, representing a 258% growth in passenger revenues and a 31% growth in cargo revenues for January to June 2022 compared to the same period in 2021.
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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, 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 of air travel,” said 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,” added Ng. “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 $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 and the resulting comeback of business and leisure travel.
Ahead of other airlines, PAL said it 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 preserve the flow of trade and facilitate ongoing revival of tourist travel that supports jobs and business activity in communities throughout the Philippines, the airline added.
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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