PAL projects P10 billion net income this year

MANILA, Philippines — Philippine Airlines (PAL) of tycoon Lucio Tan is poised to end the year on a high note, with earnings seen to hit the P10 billion-mark as recovery of air travel is in full swing.

“This year, (we’re) okay. We are profitable this year,” PAL president and chief operating officer Stanley Ng said.

“What we are targeting is P10 billion in net income,” Ng said.

He said this year’s growth would be driven mostly by the airline’s international flights, coupled with improving domestic operations.

He said PAL’s network is currently 80 percent international and 20 percent domestic.

From January to September, PAL recorded a profit of P6.76 billion, a reversal from the net loss of nearly P22 billion during the same period in 2021.

Revenues during the nine-month period tripled to P97.77 billion, fueled mostly by the recovery in passenger bookings.

PAL emerged from the Chapter 11 restructuring in December last year after it received unanimous support from its lenders, aircraft lessors, equipment manufacturers, and service providers.

The flag carrier managed to break its losing streak in 2021 as it was able to post a net income for the first time since 2016.

For next year, Ng said PAL plans to fly to Perth, Australia and India.

PAL had planned to introduce in March 2020 a regular service between Manila and Perth, the first-ever nonstop air link between Western Australia and the Philippines.