For the third quarter of 2022, flag carrier Philippine Airlines, Inc. (PAL) reported operating income of US$ 86.8 million (PHP 4.9 billion) and comprehensive income of US$ 62.7 million (PHP 4.2 billion).
As a result, PAL reported total operating income of US$ 212.2 million (approximately PHP 11.5 billion) and comprehensive income of US$ 133.2 million (approximately PHP 8.3 billion) for the first three quarters of the year, indicating the continuing resurgence of the Philippines’ only full-service network airline amid the ongoing recovery of air travel and tourism.
For the third quarter of 2022, PAL generated US$ 724.1 million (PHP 40.8 billion) in revenue, representing a 99.8% increase in passenger revenues and a 34.9% increase in cargo and ancillary revenues compared to the same period in 2021. For the quarter, operating expenses totaled US$ 637.3 million (PHP 35.9 billion), with the high cost of fuel remaining a source of concern for the aviation industry.
“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 & COO Capt. Stanley K. 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.”
The Philippine flag carrier is gradually expanding its route network in response to the gradual resurgence of business and leisure travel. PAL is the only airline operating nonstop flights linking the Philippines to the United States and Canada, as well as the largest network of flights from Manila to multiple cities in the Middle East, Japan, and Australia. PAL also operates all-cargo flights to a variety of domestic and international economic centers.
Beginning in December 2022, PAL will launch new routes from Cebu to Baguio and Cotabato City, as well as Clark to Hong Kong. This week, Clark also gained a new PAL international connection to Seoul and Busan.
Attribution: Philippine Airlines Corporate Communications
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