MANILA, Philippines – Philippine Airlines (PAL) likely reached its passenger target of 12 million last year, PAL president and chief operating officer Jaime Bautista told reporters.
He also said the company is seen to have remained profitable in the fourth quarter and for full-year 2015.
As of end-September, PAL’s net earnings amounted to P6.1 billion, way above the P238.1 million in the same period in 2014.
The airline’s parent firm PAL Holdings Inc. saw a net income of P129.74 million in 2014, a turnaround from losses incurred over the past years.
PAL expects to have continued to book earnings last year even as Bautista noted the flight cancellations during the Asia Pacific Economic Cooperation (APEC) Leaders’ Meeting in Manila in November may have affected the company’s financial performance.
The company said earlier it expects to lose an estimated $18.7 million (about P883 million) from cancelled flights related to the APEC.
PAL cancelled close to 700 flights which represent 2.5 days of operation during the APEC Leaders’ Meeting to give way to high-level officials attending the event.
During the arrival and departure of heads of states attending the meeting, the Ninoy Aquino International Airport had temporary runway closures.
“October (and) November were really lean months,” Bautista said.
The company also expects to have benefitted from the low prices of oil last year.
PAL recently expanded its operations with the opening of flight services to Kuwait yesterday (Jan. 17).
The carrier is also set to launch flights to Jeddah in Saudi Arabia tomorrow.