MANILA -- Flag carrier Philippine Airlines' parent firm, PAL Holdings yesterday announced that it is back in profit.

On its latest annual report to the Philippine Stock Exchange, PAL holdings said that its net profit reached P129.7 million, rebounding from a net loss of P11.85 billion recorded at the end of December 2013.

This time frame covers the first nine months of its fiscal year 2013. Since then, PAL shifted to calendar year last year from fiscal year ending March.

PAL's total revenues went up by 80 percent to P100.95 billion in 2014, from P55.98 billion in the first nine months of its 2013 fiscal year.

Meanwhile, passenger revenues reached P81.75 billion in 2014, as it increased to 9.6 million passengers. Cargo revenues hit P7.84 billion.

The airline's operating expenses surged by 60.3 percent to P98.6 billion in 2014 from P61.5 billion for the nine months ending December 2013.

PAL's biggest expense, which is flying operations including jet fuel costs, went up by 60 percent to P38.8 billion in 2014 from P24.25 billion in the first nine months of fiscal year 2013.

In another development, PAL was recently tagged by American finance website CBS MoneyWatch, a division of CBS News, as among the 22 most dependable airlines in the world.

In the article “The 22 most dependable airlines in the world” by Kim Peterson, PAL was ranked 21st on the list crediting PAL for bringing back service between Manila and New York City after an 18-year break.

He also took note of PAL's fleet size, which is 51, the number of destinations it had, which is over 40, on-time percentage, which is 53 percent, and average age of fleet which is 4.2 years.*PNA

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