Philippine Airlines (PAL) Achieves Positive Q1 Results of P1.2 Billion Net Income for the First Time since 2016

LT Group’s Philippine Airlines (PAL) has announced hitting a net income of P1.2 billion for Q1 of 2022, the first time the company has reached a positive net income in the first quarter since 2016, according to PAL Holdings. The company has also announced reaching P24 billion in revenues from both cargo and passenger and notes the increasing travel volumes from its key markets.

PAL also announced using a fresh capital of $505 million for “a major network re-expansion” to restore more flights and travel routes with international and domestic travel restrictions continuously easing up. The company is also expecting its domestic network to be able to go back to its pre-pandemic level by Q2 or Q3 this year.

Last April, PAL announced almost all of the airline’s Holy Week flights were fully booked, and the company has already reached 80% capacity for its domestic travel, and 60% for international travel.

The company’s president and chief operating officer Stanley Ng says the company welcomes the “financial turnaround” brought about by its positive operating results during Q1 of 2022. “Just the same, we must not lose sight of the considerable headwinds we continue to face…To protect the gains we’ve made so far, we must be resolute in exercising fiscal discipline and faithfully carrying out our restructuring initiatives,” Ng adds.

The airline company has previously filed for bankruptcy proceedings in the US court, leading to financial restructuring, and announced the completion of these proceedings last January with a “strengthened” balance sheet.

Source: ABS CBN News, ABS CBN News