Philippine Airlines (PAL) has recorded a comprehensive income of P56.49 billion in 2021, a sharp turnaround from the 2021’s comprehensive loss of P73 billion.
PAL’s consolidated revenues rose by 6.2 percent to P58.70 billion from P55.26 billion in 2020.
“The significant increase in revenues was mainly due to the increase in cargo revenues as air cargo has been a vital partner in delivering essential goods since the COVID-19 pandemic,” it said.
Cargo revenues rose almost by 60% to P15.02 billion. Passenger revenues decline by 11% to P37.26 billion.
PAL emerged from the Chapter 11 restructuring in December 2021.
The airline confirmed that it had returned surplus aircraft to lessors by the end of 2021 and expects to return an additional nine aircraft in 2022.
PAL has deferred its Airbus delivery schedule of 13 A321Neos from 2021 to 2025, to 2026 to 2029.
PAL chairman and CEO Lucio Tan in a statement earlier said that the airline is gearing for a comeback year this year after a challenging past two years, with its 81st year marking a rebirth for PAL.