Philippine Airlines eyes the future after record profits

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. [391 words]

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