PHILIPPINE Airlines, Inc. (PAL) announced on Wednesday a net comprehensive income of $71 million (P4.2 billion) for the first six months of 2022, the first positive first-half financial performance for the flag carrier since 2016.
In a phone message to BusinessWorld, PAL Spokesperson Cielo C. Villaluna said the airline reverted to profitability in the first half from a total comprehensive loss of $344.3 million in the same period in 2021.
The airline also reported an operating income of $125 million (P6.6 billion) for the January-to-June period, making a profit after posting an operating loss $191.5 million in the same period in 2021.
“PAL generated $1.1 billion (P58.1 billion) 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,” the airline said in an e-mailed statement.
“Operating expenses amounted to $986 billion (P51.5 billion) for the period, which includes $380 million (P19.9 billion) in fuel expenses, reflecting the impact of significantly higher fuel prices afflicting the aviation industry worldwide,” it added.
PAL President and Chief Operating Officer Stanley K. Ng said the airline views 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, 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.”
“We acknowledge tough challenges ahead, as various regions grapple with rising inflation, higher energy costs and economic uncertainties,” he 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 travelers and cargo shippers.” — Arjay L. Balinbin