Philippines Airlines (PAL) has completed one of the more remarkable
turnarounds in Asia Pacific aviation in recent times. The carrier shut down
for 18 days during the Asian Financial Crisis, but less than a decade later,
has become one of the world's Top 20 most profitable carriers with a double-digit
net profit margin last year. PAL generated a record profit of USD140.3 million
in the 12 months ended 31-Mar-07 – a sixfold increase on the previous
year – and its third straight annual profit. The result was supported
by strong load factors of 76.8% (a 15-year high for the airline), as it added
capacity carefully in its streamlined network.
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