PAL rebounds with P9.58B profit in first three quarters

PAL rebounds with P9.58B profit in first three quarters
  • 58 billion comprehensive income in the first nine months of 2022, a turnaround from P27.19 billion loss in the same period in 2021
  • Revenue grew 204% as flights increased, with passenger revenue surging 265.3%
  • Cargo growth continued with 20.6% increase during the period

Philippine Airlines rebounded with a comprehensive income of P9.58 billion in the first nine months of 2022 from a P27.19-billion loss year-on-year with more flights and higher passenger revenue.

Consolidated revenues for the January-September period totalled P97.77 billion, 204% higher than the P32.16 billion revenue in the same period last year, the airline said in a regulatory disclosure.

PAL said its revenue growth was propelled by more flights and a 265.3% increase in passenger revenue to P79.52 billion from P21.77 billion. Air cargo growth continued, increasing 20.6% to P10.74 billion from P8.91 billion.

Operating expenses rose 100.1% to P85.54 billion from P42.75 billion mainly due to the impact of higher fuel prices as flights started to increase.

For the third quarter alone, PAL’s comprehensive income totaled P4.83 billion, a turnaround from a P9.15 billion loss in the same quarter last year.

“We are thankful for the strong support of our customers, shareholders, partners and personnel that enabled us to achieve this third straight quarter of positive operating results, despite the continuing global economic and geopolitical challenges,” PAL president and chief operating officer Stanley K. Ng said in a statement.

“We at Philippine Airlines will remain steadfast in carrying out our mission of service, bridging our islands and connecting our homeland with the rest of the world, for the benefit of tourism, trade and the Filipino people,” Ng said.

The flag carrier said it continues to expand its route network gradually in line with the progressive comeback of business and leisure travel. In addition to its domestic network anchored on its gateway hubs in Manila, Cebu and Davao, PAL is the only airline operating nonstop flights linking the Philippines to the US and Canada.

PAL also has the largest network of flights from Manila to multiple cities in the Middle East, Japan and Australia. The carrier also operates all-cargo flights to various local and overseas economic centers.

PAL will launch new routes from Cebu to Baguio and Cotabato City, as well as from Clark to Hong Kong, beginning in December 2022. Clark also gained on November 10 and 11 new PAL international link to Seoul and Busan.