PAL Holdings Inc., the parent firm of Philippine Airlines, said Friday it posted a P9.68-billion comprehensive income in the first nine months, a turnaround from the P27.19-billion loss in the same period last year.
The company said consolidated revenues from January to September reached P32.16 billion, up 204 percent from a year ago, as passenger revenues surged 265.3 percent.
Air cargo revenues increased 20.6 percent from last year. The increase in the number of flights operated led to the increase in revenues, it said.
Consolidated operating expenses doubled to P85.54 billion from P42.75 billion last year on the impact of higher fuel prices and increased flights.
“We are thankful for the strong support of our customers, shareholders, partners, and personnel that enabled us to achieve this third straight quarter of positive operating results, despite the continuing global economic and geopolitical challenges,” said PAL president and chief operating officer Capt. Stanley Ng.
“We at Philippine Airlines will remain steadfast in carrying out our mission of service, bridging our islands and connecting our homeland with the rest of the world, for the benefit of tourism, trade, and the Filipino people,” he said.
PAL said it continued to gradually expand its route network in line with the progressive comeback of business and leisure travel.
It said that in addition to an extensive domestic network anchored on gateway hubs in Manila, Cebu and Davao, PAL is the only airline operating nonstop flights from the Philippines to the US and Canada, along with the largest network of flights from Manila to multiple cities in the Middle East, Japan and Australia.
PAL also operates all-cargo flights to various local and overseas economic centers.
PAL said it would launch new routes from Cebu to Baguio and Cotabato City and from Clark to Hong Kong in December. Clark also gained a new PAL international link to Seoul and Busan this week.