PAL maintains its recovery momentum | Company Applicant

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Flag carrier Philippine Airlines Inc. (PAL) continues to regain momentum after ending the first half on a profitable basis, supported by higher revenue from passenger and cargo operations.

PAL achieved an operating profit of 6.6 billion pesos and a net comprehensive income of 4.2 billion pesos in the first half. It was the first time PAL had posted positive financial results in the first and second quarters since 2016, the company said.

Its revenue reached 58.1 billion pesos for the six-month period, driven by passenger and freight revenues which rose 258% and 31%, respectively, as mobility restrictions eased.

“We view the positive operating results for the first half of 2022 as a demonstration of the loyal support of our PAL customers, for which we are deeply grateful, and a validation of the efforts of our shareholders, management and staff to rebuild our network. international and domestic amid the strengthening recovery of air travel,” PAL Chairman Stanley Ng said in a statement on Wednesday.

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