(MENAFN) Philippine Airlines' parent firm said it had returned to profitability for the first time in three years as passenger yields improved and fuel and other costs were reined in, Arab News reported.
In a filing with the Philippine Stock Exchange, PAL Holdings reported an after-tax net profit of USD2.93 million in its fiscal year ending December 31, the airlines said in a statement.
In 2011 it cut 12 percent of its international flights, 30 percent of domestic flights and laid off nearly 40 percent of its staff to cut costs. In 2014, operating revenues doubled to USD2.27 billion as passenger revenues soared.
The annual profit was PAL Holdings' first since March 2011, the company said in a statement. "Our encouraging performance in 2014 signals that PAL has now turned the corner," president of PAL said.
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