PAL Q1 profit soars 101pc

Philippine Airlines (PAL) has continued its recent run of profits by posting an unaudited net income of US$34.5 million for the first quarter ended June 2007 because of increased traffic.

The Q1 profit was 101 per cent up from the $17.2 million profit registered in the same period in 2006.

"Overall, the improved performance during the first quarter of (our) current 2007-2008 fiscal year resulted in a significant increase in our bottom line," PAL said in a report.

The better-than-expected quarterly performance was attributed to the airline's ability to capitalize on strong passenger demand during this peak travel quarter in the highly seasonal business it operates under.

The April-to-June profit was sparked by higher traffic on PAL's routes, with the airline carrying close to 2 million passengers, an increase of 5 per cent from the same period in 2006.

"It confirms that we are now restructured to achieve sustained profitability and validates our decision to exit receivership as soon as possible," said PAL president Jaime Bautista.