Philippine Airlines (PAL) has returned to profit, posting income of US$72.5 million for the fiscal year ending 31 March 2011. The result marks a significant turnaround for the national carrier, which recorded a loss of US$14.4 million in the previous 12-month period.
In 2010-11, PAL’s revenue jumped 23% year-on-year to US$1.67 billion as passenger increased 12.4%. Expenses for the year totaled US$1.61 billion – up 19% from last year’s figure. Like many carriers, Manila-based PAL struggled with rising jet fuel prices; the airline’s fuel bill increased 30% to US$142 million.
The airline said in a statement that it “remains watchful of the year ahead”, as it continues to battle with high jet fuel prices and declining demand.