PHILIPPINE Airlines Inc. (PAL) said on Wednesday it generated a net comprehensive income of P4.2 billion in the first half of 2022, as travel restrictions ease.
In a statement, the flag carrier said this is the “first positive first and second quarter financial results since 2016.”
“We view the positive operating results for first 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.
It netted P58.1 billion in revenues, as it generated a 258-percent surge in passenger revenues and another 31-percent rise in cargo revenues versus last year.
Operating expenses, meanwhile, reached P51.5 billion, which includes P19.9 billion in fuel expenses.
“We acknowledge tough challenges ahead, as various regions grapple with rising inflation, higher energy costs and economic uncertainties,” said 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.”
PAL is a few months fresh from getting $505 million in fresh funding, allowing it to restore more flights and routes, as local and international travel restrictions ease.
Ng said 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.
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.
“As we continue to rebuild and grow, our top priority will always be the safety and health of our passengers and personnel,” Ng said.