Philippine Airlines closed the year-2022 with a total comprehensive income of $196.9 and operating incomes of $297.2 million. The airline reported first positive full-year figure since 2019 attributing the success to relaxed pandemic restrictions across Asia.
The airline recently disclosed its financial transactions for 2022 to Philippine Stock Exchange. The airline’s consolidated revenues grew 112% to $2.57 billion.
Commenting on the positive result, Stanley K. Ng, President and CEO, PAL said: “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.”
The airline was worse affected during pandemic as it faced bankruptcy and recorded an operating loss of $98.1 million in 2021. The airline got some relief as its debt was restructured in 2021 resulting in $1.4BN gain.
The airline recorded an average passenger load factor of 72% in 2022, higher than the 42.6% as compared to 2021. The airline flew 9.3 million passengers in the past year, which marked a four-fold increase since 2021, due in part to pent-up consumer spending.
The airline reported an expense of $2.27bn, an 73.3% higher than 2021 due to high fuel prices.