Philippine Airlines (PAL) continues to recover from the pandemic, reporting its third profitable quarter in a row. Philippine Airlines produces another profitable quarter.

The parent company PAL Holdings produced a PHP 4.9 billion ($86.8 million) operating income during Q3. The pre-tax profit was PHP 4.3 billion compared to PHP -5.0 billion in the same quarter of last year. The net profit attributable to shareholders is PHP 3.2 billion versus PHP -5.3 billion last year.

 Revenues increased to PHP 40.4 billion, up from PHP 14.1 billion. Without specifying the number of passengers carried, the airline says that passenger revenues were up by 99.8 percent year on year. Cargo and ancillary revenues improved by 34.9 percent.

Operating expenses soared to PHP 35.2 billion from PHP 15.9 billion, mainly attributable to high fuel prices which are “a persistent concern for the aviation industry”, PAL says in a media statement on November 11.

Between January and September, PAL Holdings reported a PHP 11.5 billion operating income and a pre-tax profit of PHP 8.7 billion versus PHP -21.6 billion last year. The net profit is PHP 6.7 billion versus PHP -21.8 billion. Total revenues were up to PHP 97.8 billion from PHP 32.2 billion but total expenses also doubled to PHP 85.5 billion.

Philippine Airlines exited Chapter 11 bankruptcy protection on December 31, taking out $2.0 billion in annual structural costs. The airline has continuously rebuilt its network and now operates an extensive domestic network again from its hubs in Manila, Cebu, and Davao. In December, new services will be launched from Cebu to Baguio and Cotabato City. Flights between Clark and Seoul and between Busan and Seoul were launched last week. This will be followed by Clark-Hong Kong in early December.

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Active as journalist since 1987, starting with regional newspaper Zwolse Courant. Grand Prix reporter in 1997 at Dutch monthly Formule 1, general reporter Lelystad/Flevoland at De Stentor/Dagblad Flevoland, from 2002 until June 2021 radio/tv reporter/presentor with Omroep Flevoland.
Since mid-2016 freelance aviation journalist, since June 2021 fully dedicated to aviation. Reporter/editor AirInsight since December 2018. Contributor to Airliner World, Piloot & Vliegtuig. Twitter: @rschuur_aero.

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