Philippine Airlines today reported an unaudited net income of P436.5 million for the fiscal year ending 31 March, 2001 - a leap of more than 850% over its profit a year earlier.
In a report submitted to the Securities and Exchange Commission (SEC), PAL said it was able to pump up revenues, ride out the upsurge in expenses and take advantage of operational efficiencies during a particularly difficult year for the aviation industry.
As a result, PAL recorded its second straight annual surplus, cementing the modest gains of its fledgling turnaround in fiscal 1999-2000, when it earned P45.8 million.
Prior to that year, PAL endured six consecutive years of losses. The airline entered receivership in June 1998 and has now produced profits for two years in a row - the first time it has done so since 1991-1993.
“We are focused on our goal of sustained profitability,” said PAL chairman and chief executive officer Lucio C. Tan. “This accomplishment bolsters our confidence that PAL will rejoin the ranks of Asia’s leading carriers in due time.”