PAL Holdings Logs P8.3b Net Income

FLAG carrier Philippine Airlines Inc. (PAL) registered an operating income of US$ 86.8 million (P4.9 billion) and comprehensive income of US$62.7 million (P4.2 billion) for the third quarter of 2022. As a result, for the first three quarters of the year combined, PAL logged a total operating income of US$212.2 million (P11.5 billion) and a comprehensive income of US$133.2 million (P8.3 billion), signifying the continuing resurgence of the Philippines’ only full-service network airline amid the ongoing recovery of air travel and tourism. PAL generated US$724.1 million (P40.8 billion) in revenues for the third quarter of 2022, representing a 99.8 percent growth in passenger revenues and a 34.9 percent growth in cargo and ancillary revenues versus the same period in 2021. Operating expenses amounted to US$637.3 million (P35.9 billion) for the quarter, with the high cost of fuel a persistent concern for the aviation industry. (PR)