PAL posts record profits for 1st half 2022 as recovery rolls on
August 03, 2022
Philippine Airlines, Inc. (PAL) registered an operating income of US$ 125 Million (PHP 6.6 Billion) and net comprehensive income of US$ 71 Million (PHP 4.2 Billion) for the first half of 2022. The flag carrier confirmed that this was the first positive 1st and 2nd quarter financial results since 2016.
PAL generated US$ 1.1 B (PHP 58.1 B) in revenues, representing a 258% growth in passenger revenues and a 31% growth in cargo revenues for January to June 2022, as compared to the same period in 2021. Operating expenses amounted to US$ 986 B (PHP 51.5 B) for the period, which includes US$ 380 Million (PHP 19.9 B) in fuel expenses, reflecting the impact of significantly higher fuel prices afflicting the aviation industry worldwide.
“We view the positive operating results for 1st 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.
“We acknowledge tough challenges ahead, as various regions grapple with rising inflation, higher energy costs and economic uncertainties,” added Capt. 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.”’
With US$ 505 Million in fresh capital from its shareholder family, PAL continues to restore more flights and routes, in relation to the easing of travel restrictions in the Philippines and other countries and the resulting comeback of business and leisure travel.
Ahead of other airlines, 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.
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 U.S. 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. Adds Captain Ng: “As we continue to rebuild and grow, our top priority will always be the safety and health of our passengers and personnel.”