PHILIPPINE Airlines Holdings Inc. (PAL) posted an operating income of P6.6 billion and net comprehensive income of P4.2 billion for the first half of 2022. This is the first time the financially ailing airline recorded a profit for the same period since 2016.
PAL generated P58.1 billion in revenues, which is a record 258-percent increase in passenger revenues and 31-percent increase in cargo revenues for the first half of 2022, year on year.
Operating expenses amounted to P51.5 billion for the first six months of 2022, with fuel expenses totaling P19.9 billion, reflecting the impact of the jump in aviation fuel as a result of oil price increases and the impact of the Russia-Ukraine conflict.
“We view the positive operating results for the first half of 2022 as a demonstration of the loyal support of our PAL customers, for which we are deeply grateful,” PAL President and Chief Operating Officer Captain Stanley K. Ng. said. “This is also validation of the efforts of our shareholders, management and personnel to rebuild our international and domestic network amid the air travel industry’s strengthening recovery.”
With $505 million in fresh capital from its shareholders, PAL continues to operate more flights and routes in relation to the easing of travel restrictions in the Philippines and other countries, and the continuing easing of travel restrictions amid the continuing pandemic.
The flag carrier is also rebuilding its international network between the Philippines and North America, Australia and the Middle East, and various Asian destinations, focusing on the routes with high passenger and cargo traffic.
“We also acknowledge tough challenges ahead this year, as various regions continue to grapple with rising inflation and other economic uncertainties,” Ng added. “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 all our customers,” he added.