PAL sustains recovery momentum

Flag carrier Philippine Airlines Inc. (PAL) continues to regain momentum after ending the first half in profitable footing, supported by higher revenues from passenger and cargo businesses.

PAL delivered an operating income of P6.6 billion and net comprehensive income of P4.2 billion in the first semester. It was the first time for PAL to book positive first and second quarter financial results since 2016, the company said.

Its topline figure reached P58.1 billion for the semester, driven by passenger and cargo revenues which were up 258 percent and 31 percent, respectively, amid the easing of mobility restrictions.

“We view the positive operating results for first half 2022 as a demonstration of the loyal support of our PAL customers, for which we are deeply grateful, and a validation of the efforts of our shareholders, management and personnel to rebuild our international and domestic network amid the strengthening recovery of air travel,” PAL president Stanley Ng said in a statement on Wednesday.