PAL profit soars above P4 B in Q1

Flag carrier Philippine Airlines (PAL) opened the year soaring on cruising altitude, as it booked a profit above P4 billion in the first quarter on stronger passenger and cargo demand.

- By ELIJAH FELICE ROSALES

Based on its financial report, PAL's parent PAL Holdings Inc. increased its net income by a fifth to P4.33 billion between January and March from P3.6 billion a year ago.

PAL's revenue grew by three percent to P46.95 billion, as the airline also raised its spending by eight percent to P42.29 billion.

PAL's passenger revenue inched up to P40.53 billion, from P40.35 billion, as the airline ferried 4.1 million guests in the first quarter, up by five percent from a year ago.

It also grew its cargo revenues by six percent to P2.04 billion, carrying 52.6 million kilos of goods.