PAL returns to profit but outlook is murky while US FAA category 2 restrictions remain

Philippine Airlines (PAL) returned to the black in FY2011 as the flag carrier posted its first profit since exiting receivership in 2007. But PAL still has significant challenges to overcome, including intensifying competition in its local market and continued restrictions on expanding or improving the product of its US operation. [2196 words]

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This report contains the following subheadings:

• PAL shrinks fleet by five aircraft in FY2011
• PAL increases focus on international routes within Asia
• Middle East now served only via codeshares
• PAL hires consulting firm to help secure category 1 safety rating from FAA
• International traffic up another 7% in 1Q of FY2013

This report contains the following charts and tables:

• PAL total revenue and passenger revenue, FY2007 to FY2011
• PAL's fleet, including aircraft leased to AirPhil Express
• PAL international capacity (seats per week) by region, 25-Jul-2011 to 31-Jul-2011
• PAL market share for trans-Pacific and and Asia-Australia markets for FY2011
• PAL international passenger numbers, Jan-2009 to Apr-2011
• Total Philippines capacity (seats per week, to/from/within), 25-Jul-2011 to 31-Jul-2011