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PAL returns to profitability as operating income hits $297.2 million in 2022

Lance Spencer Yu

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PAL returns to profitability as operating income hits $297.2 million in 2022


This is the first positive full-year operating income achieved by Philippine Airlines since 2019, which the flag carrier attributes to revenge travel

MANILA, Philippines – Philippine Airlines (PAL) logged a full-year operating income of $297.2 million in 2022 – the first time the flag carrier has entered positive territory since 2019.

PAL’s total comprehensive income for the year was $196.9 million as consolidated revenues surged by 112% to $2.57 billion.

These figures are a sharp increase from 2021’s operating loss of $98.1 million and revenue of $1.21 billion.

PAL attributed the positive performance to the rise in travel as borders opened up and restrictions eased – or what many have called “revenge travel.” In 2022, PAL flew a total of 9.3 million passengers, up 214% from the 2021 carriage level.

The airline’s total operating expenses for 2022 reached $2.27 billion, higher by $960.3 million from 2021 due to the rise in the number of flights operated and the increase in jet fuel prices, which represented the highest expense item for PAL.

In March 2023, PAL launched the first nonstop Perth-Manila flight. The new route operates thrice a week every Monday, Thursday, and Saturday, allowing travelers to fly between Australia and the Philippines in seven hours. 

The airline also reopened several routes to mainland China, with Shanghai, Beijing, Xiamen, and Guangzhou currently in its roster of destinations. (READ: How Chinese visitors could boost Philippine tourism in pandemic’s wake)

“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,” said PAL president and chief operating officer Stanley Ng.

Travel restrictions and shuttered borders resulting from the COVID-19 pandemic have hit the travel and tourism industry particularly hard. Local low-cost carrier Cebu Pacific failed to return to profitability in 2022, although it trimmed its net loss significantly. – Rappler.com 

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Lance Spencer Yu

Lance Spencer Yu is a multimedia reporter who covers the transportation, tourism, infrastructure, finance, agriculture, and corporate sectors, as well as macroeconomic issues.