P16.1 Billion: PAL Posts First Positive Full Year Operating Income in Three Years
Philippine Airlines reported its operating income for 2022 reached P297.2 million (about P16.1 billion) and total comprehensive income at $196.9 million (P10.7 billion). This is the first time the country’s flag carrier reported positive full-year operating income since 2019.
PAL’s consolidated revenues also surged 112 percent to $2.57 billion (P139.5 billion) from $1.21 billion the previous year.
PAL reported positive numbers for all four quarters of 2022, citing rising demand in air travel that followed the easing of travel restrictions and the reopening of borders in most countries.
The airline’s average passenger load factor—or the percentage of available seating capacity that has been filled with passengers—was at 72 percent for 2022, or nearly thirty percentage points higher than the previous year’s 42.6 percent.
PAL also flew a total of 9.3 million passengers in 2022, comprising the operations of both the PAL mainline network as well as PAL Express, an increase of 214 percent from the 2021 carriage level.
Meanwhile, the Lucio Tan-owned and controlled airline continued to expand its route network in 2022, adding flights to most of its overseas destinations in North America, Asia, Australia and the Middle East, while pioneering economy-boosting and tourism-generating domestic routes such as Cebu-Baguio, Cebu-Borongan and Cotabato-Tawi-Tawi.
This year, PAL inaugurated a historic Manila-Perth nonstop link and reopened multiple routes between the Philippines and mainland China.
“We are very grateful for the support of our customers that has enabled us to achieve this positive result amidst a challenging year,” said PAL President and COO Captain Stanley Ng. “Philippine Airlines continues to be on a journey of recovery and renewal, and we will make good use of our resources to improve our services for the benefit of our valued customers. We are even more determined to upgrade our fleet, build more connections to key markets and offer improved products and services.
“We also thank our shareholders, our service partners, and our dedicated employee work force whose tireless efforts have led to continuing progress in our recovery journey. We embrace our mission of service and remain committed to work with government and industry partners to help boost the Philippines’ economic and tourism development goals,” added Captain Ng.