PHILIPPINE Airlines Holdings Inc. (PAL) reported operating profit of P6.6 billion and total net profit of P4.2 billion for the first half of 2022. This is the first time that the struggling airline has made a profit. for the same period since 2016
PAL generated revenues of £ 58.1 billion, representing a record 258% increase in passenger revenue and 31% freight revenue for the first half of 2022, year over year.
Operating expenses totaled P51.5 billion for the first six months of 2022, with fuel expenses totaling P19.9 billion, reflecting the impact of the jump in aviation fuel following the increase in oil prices and the impact of the Russia-Ukraine conflict.
“We view 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,” PAL president and chief operating officer, Captain Stanley K. Ng. She said. “This is also a confirmation of the efforts of our shareholders, management and staff to rebuild our international and national network amid the strengthening of the air travel industry recovery.”
With $ 505 million in fresh capital from its shareholders, PAL continues to operate more flights and routes in connection with the easing of travel restrictions in the Philippines and other countries and the continued relaxation of travel restrictions amid the continuing pandemic.
The flag carrier is also rebuilding its international network between the Philippines and North America, Australia and the Middle East and various Asian destinations, focusing on high-traffic passenger and freight routes.
“We also recognize the difficult challenges facing us this year as various regions continue to contend with rising inflation and other economic uncertainties,” Ng added. “So, we will continue to be fiscally prudent as we mobilize our talents and resources to grow responsibly, in a way that helps promote tourism, support overseas Filipinos, and offer the best value to all of our customers,” he said. added.