PAL earnings slip as global travel patterns normalize

Flag carrier Philippine Airlines on Thursday reported a 25% decline in its first-quarter earnings, following the decline in global travel following the post-pandemic surge seen in the past year.In an emailed statement, PAL said its total comprehensive income slipped to $81 million, while its operating income fell by 12% to $118.4 million which it said was an “expected outcome” as global patterns normalized.

“We are particularly pleased with the strong reception that the Manila-Seattle route has been getting since our announcement last month… However, supply chain issues remain and continue to put a strain on our operations, but we are determined to address these challenges,” he added.Ng in January said that the company is set to ink a temporary lease agreement for two wide-body aircraft this year, following the double-digit growth in passengers.

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