Philippine Airlines (PAL) has ended 2022 on a high note, reporting an operating income of USD 297.2 million and a total comprehensive income of USD 196.9 million for the year ending December 31, 2022.
This marks the first positive full-year operating income logged by the Philippine flag carrier since 2019, as consolidated revenues soared by 112% to USD 2.57 billion in 2022 from the previous year’s USD 1.21 billion in revenues.
PAL’s positive performance was consistent for all four quarters of 2022 and was largely a result of rising demand in air travel that followed the easing of travel restrictions and the reopening of borders in most countries.
The airline’s success is a testament to its resilience and adaptability in the face of unprecedented challenges brought about by the COVID-19 pandemic.
Despite the many obstacles that it had to overcome, PAL remained committed to providing safe and reliable air transportation services to its customers.
“We are very grateful for the support of our customers that has enabled us to achieve this positive result amidst a challenging year,” said PAL President & COO Captain Stanley K. Ng.
“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.”