Philippine Airlines back into black with $297.2 million operating income

Philippine Airlines (PAL) has staged a smart recovery and returned to profit last year as the demand on international routes rose after the removal of travel restrictions.

The Manila-based carrier bounced back from a few challenging years to record a profit as it rebuilds after the pandemic.

The airline, which has a fleet of 75 aircraft, reported an operating income of $297.2 million and a total comprehensive income of $196.9 million for 2022. It was the first positive full-year operating income since 2019.

The airline recorded 112% increase in its consolidated revenue to $2.57 billion last year compared to $1.21 billion in 2021.

“The gain came from a consistent performance across all quarters of the year and increased demand after travel restrictions were lifted,” according to a PAL statement.

Captain Stanley, President and Chief Operating Officer of PAL, attributed the success to support of the airline’s loyal customers.

“The airline was very grateful for the support of our customers that has enabled us to achieve this positive result amidst a challenging year,” he said.

More passengers carries

PAL and its low-cost subsidiary, PAL Express, carried 9.3 million passengers last year, reflecting a year-on-year growth of 214%.

The airline, which recorded a passenger load factor of 72% last year, restored most of its pre-Covid network and operates to 32 destinations in the Philippines and 29 international ports in Asia, North America, Australia and the Middle East.

The national flag carrier also expanded its domestic network by opening focus routes such as Cebu- Baguio, Cebu- Borongan, and Cotabato- Tawi-Tawi. Reportedly, these routes are key for the Philippine’s economy and tourism industry.

New routes launched

So far in 2023, Philippine Airlines inaugurated a non-stop Manila-Perth route and also re-established flights between the Philippines and mainland China.

Philippine Airlines hails its network as the only operator connecting the Philippines and the United States and Canada with a direct flight.

“We also thank our shareholders, our service partners, and our dedicated employee workforce whose tireless efforts have led to continuing progress in our recovery journey,” added Captain Stanley.