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. [389 words]
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