News
PAL Holdings reports US$1.1 billion annual profit; cautiously optimistic about 2022 prospects
April 7th 2022
PAL Holdings, the parent company of Philippine Airlines (PAL), has announced a net profit of 59.1 billion peso (US$1.1 billion) for the 12 months to December 31, 2021, an improvement from a net loss of 71.8 billion peso in the previous year. Read More » Revenue rose 6.2%, to 58.7 billion peso, PAL said in its annual report lodged with the Philippines Stock Exchange. Expenses were reduced 23%, to 62.8 billion peso. PAL completed a four-month U.S. Chapter 11 bankruptcy process late last year. The airline said it entered 2022 with cautious optimism. "We have emerged from a successful restructuring process that gave our airline a new lease on life. We are armed with fresh capital, a reorganised balance sheet and a streamlined fleet of young and more fuel-efficient aircraft," PAL chairman, Lucio Tan, said. "As air travel markets reopen in various parts of the Philippines and around the world, we will continue to add flights to our network and sustain vital global air links." PAL said it had reached agreement with Airbus to defer the delivery of 13 A321neo aircraft from 2022-2025 to 2026-2029.
