Philippine Airlines consolidates recovery with US$56.1 million third quarter profit

November 16th 2022

Print Friendly

PAL HOLDINGS INC, the parent company of Philippine Airlines, has reported a net profit of 3.2 billion peso (US$56.1 million) for the three months to September 30 over a 5.3 billion peso net loss in the same quarter in 2021. Read More » It was PAL's third consecutive quarterly profit. Revenue was up 186.2%, to 40.4 billion peso, PAL told the Philippines Stock Exchange. “We are thankful for the strong support of our customers, shareholders, partners and personnel. They enabled us to achieve this third straight quarter of positive operating results despite continuing global economic and geopolitical challenges,” PAL president and chief operating officer, Captain Stanley Ng, said. “We at Philippine Airlines remain steadfast in carrying out our mission of service, bridging our islands and connecting our homeland with the rest of the world for the benefit of tourism, trade and the Filipino people.” The high cost of fuel was a “persistent concern” for the aviation industry, PAL added.