Metro Manila (CNN Philippines, August 3) — The recovery of flag carrier Philippine Airlines (PAL) has become clearer in the first half of 2022 as it recorded a ₱4.2 billion net comprehensive income.
The airline said in a statement Wednesday that its operating income in the first six months of the year also reached ₱6.6 billion.
In the same period last year, losses of PAL amounted to ₱16.55 billion, its spokesperson Cielo Villaluna said in a separate message.
Its topline also improved to ₱58.1 billion, reflecting a 258% growth in passenger revenues and a 31% increase in cargo revenues.
“We view the positive operating results for 1st 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,” said PAL President and Chief Operating Officer Stanley K. Ng.
“We acknowledge tough challenges ahead, as various regions grapple with rising inflation, higher energy costs and economic uncertainties. 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,” he added.
The PAL official said they would continue to boost their network here and abroad to take advantage of the revenge travel following the easing of COVID restrictions.
