PAL Holdings Recovers From Last Year's P27-Billion Loss and Earns P9 Billion in 2022

As business and leisure travel mounts a comeback this year, more airlines are recovering from losses over the last couple of years. On Friday, PAL Holdings Inc. announced that Philippine Airlines recovered from its total comprehensive loss of P27.19 billion during the same period last year by earning P9.58 billion in the first three quarters of 2022.

According to the company, the 204-percent uptick in consolidated revenues can be attributed to passenger growth and increased flight operations. Consolidated operating income as of this quarter amounts to P12.23 billion, which is quite the rebound from the P10.59 billion operating loss in the same period in 2021.

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In the third quarter of 2022, the airlines had generated an operating income of P86.8 million (about P5 Billion) and comprehensive income of $62.7 million (roughly P4 billion). PAL generated $724.1 million (about P40.8 billion) in revenues for the third quarter alone, as well. Compared to its numbers last year, the carrier had a 99.8-percent growth in passenger revenues and a 34.9-percent increase in cargo and ancillary revenues. Operating expenses, on the other hand, clocked in at $637.3 Million (approximately P36 billion) during the same quarter.

Persistent concerns with the cost of fuel and geo-political instability have affected the aviation industry. In PAL's case, it has relied on its domestic network, focusing on hubs like Cebu, Manila, and Davao. PAL had recently launched new routes from Cebu to Baguio and Cotabato City, as well. Trips from Clark to Hong Kong will be available by December, too. It also happens to be the only operating airline that provides 24/7 flights from the Philippines to the U.S. and Canada.