Revenues more than triple: Lucio Tan books back-to-back quarterly profits for the first time in 6 years

Philippine Airlines (PAL) of ultra bilyonaryo Lucio Tan is slowly flying out of turbulent skies.

In a statement, PAL reported a net income of P4.2 billion in the first half of 2022 from a P16.552 billion loss in the same period last year.

This is the first time PAL posted two consecutive quarterly profits for the first time since the late President Noy Aquino was still in Malacanang.

PAL said revenues soared 223 percent year on year to P58.1 billion in the first half this year. with passenger growth of 258 percent and cargo expansion of 31 percent during the period.

The flag carrier managed to eke out a profit even though expenses nearly doubled to P51.5 billion, of which P19.9 billion was due to higher fuel expenses.

Tan’s son-in-law, PAL president and COO Capt. Stanley K. Ng, credited loyalty of PAL customers for the airline’s bounceback.

“We acknowledge tough challenges ahead, as various regions grapple with rising inflation, higher energy costs and economic uncertainties,” said Ng.

“So we will continue to be fiscally prudent as we mobilize our talents and resources to grow responsibly, in a way that helps boost tourism, supports overseas Filipinos and offers the best value to travelers and cargo shippers,” he added.

With $505 Million in fresh capital from Tan,, PAL has restored its flights and routes amid the easing of travel restrictions in the Philippines and other countries.

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