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Philippine Airlines records US$20.3 million quarterly profit
May 16th 2022
PAL Holdings, the parent company of Philippine Airlines, has announced a 1.1 billion peso (US$20.3 million) net profit for the three months to March 31, a turnaround from a net loss of 8.6 billion peso in the same months in 2021. Read More » Revenue rose 185%, to 23.6 billion peso, PAL said in a regulatory filing to the Philippine Stock Exchange. Costs were up 64.8%, at 21.8 billion peso. “We welcome the financial turnaround demonstrated by the positive operating results for the first quarter of 2022,” PAL president and chief operating officer, Captain Stanley Ng, said. “Just the same, we must not lose sight of the considerable headwinds we continue to face from rising fuel prices, the economic fallout from geopolitical events such as the conflict in Ukraine and the region’s incomplete recovery in countries that have yet to fully open their borders.” Its domestic network will reach pre-pandemic levels “within the second or third quarter of 2022”, PAL said, and added it will continue to increase flights on key international routes.
