PAL caps 2022 with 'solid performance'; Q1 2023 results 'exceed' expectations

Metro Manila (CNN Philippines, March 15) — Philippine Airlines (PAL) said it ended 2022 with a "solid performance," sustaining a three-quarter streak of profitability after it restructured its debt to emerge from bankruptcy.

PAL has yet to officially release its full-year financial statements, but its stock exchange disclosures last year showed the flag carrier already topped its 2022 revenue goal as early as October and returned to black.

PAL president and chief operations officer Capt. Stanley Ng also said first-quarter results this year "exceeded our expectations" as the airline restores more flight destinations and reactivates 68 of its 75-strong fleet back to the skies.

"Supply chain is one of the biggest challenges as well. So if we want to activate our aircraft, we are also dependent on the suppliers as well as other spare parts," Ng told a press briefing on Wednesday on the occasion of PAL's 82nd anniversary.

PAL executives said they hope to either refurbish or replace the narrow-body planes — a mix of Airbus and Boeing — with new units, but negotiations have just begun.

"Currently the priority is on the long-haul fleet," said Christoph Gaerter, PAL vice president for fleet and network planning. "We have eight 777 (aircraft), they are starting to age, particularly the cabin interiors are not what we would like to offer to our customers so there are several things we are looking at that could either be a refurbishment of the existing aircraft or buying new aircraft."

PAL will have its maiden direct flight from Manila to Perth this March, while restoring most of its flights to Chinese cities Shanghai, Guangzhou, Jinjiang, and Xiamen in April. It will also boost flight frequencies to Beijing to six times a week in May.

Other new routes launching next month are Clark to Coron and Clark to Boracay.