PAL posts P4.2 billion income in 1st semester

MANILA, Philippines — Philippine Airlines Inc. (PAL) continues its ascent following the completion of the company’s financial restructuring, registering the first positive first half results since 2016.

PAL, in a statement, said it registered a net comprehensive income of $71 million or P4.2 billion in the first semester, and an operating income of $125 million or P6.6 billion during the period.

PAL said this was the first positive first and second quarter financial results for the company since 2016.

The airline generated $1.1 billion or P58.1 billion in revenues during the first half, fueled by a 258 percent year-on-year growth in passenger revenues and a 31 percent year-on-year jump in cargo revenues.

Operating expenses stood at P51.5 billion for the period, which included 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 first half of 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,” PAL president and COO Stanley Ng said.

With various regions grappling with rising inflation, higher energy costs and economic uncertainties, Ng said PAL expects tough challenges ahead.

“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,” he said.

PAL said it continues to restore more flights and routes in relation to the easing of travel restrictions in the Philippines and other countries, as well as the resulting comeback of business and leisure travel.

PAL 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 to preserve the flow of trade and facilitate the ongoing revival of tourist travel that supports jobs and business activity in communities throughout the Philippines.

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.

“As we continue to rebuild and grow, our top priority will always be the safety and health of our passengers and personnel,” Ng said.