Flag carrier Philippine Airlines Inc. (PAL) posted its first profit in six years, showing a solid recovery after the Covid pandemic disruptions, with P58.1 billion in revenues during the year’s first half.
PAL’s strong performance represents a 258 percent surge in passenger revenues from its year-ago level as the travel industry recovers, in another sign of robust travel demand, with travelers willing to pay higher prices to fly.
The carrier said it generated P6.6 billion operating income and P4.2 billion net comprehensive income from January to June.
PAL president and COO Capt. Stanley K. Ng described it as a “demonstration of the loyal support of our PAL customers.”
“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,” Ng said.
According to PAL, its operating expenses during the first six months amounted to P51.5 billion — including P19.9 billion in fuel expenses, reflecting the impact of higher fuel prices.
The Lucio Tan-led company said it would continue to take advantage of the eased travel restriction by restoring more flights and routes supported by the $505 million in fresh capital from its shareholders.
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. It has provided a lifeline for overseas Filipinos worldwide while helping to preserve the flow of trade and facilitate the ongoing revival of tourist travel.