Philippine Airlines is owned by PAL Holdings (PSE: PAL), a holding company responsible for the airline’s operations. PAL Holdings is in turn part of a group of companies owned by business tycoon Lucio Tan. ANA Holdings, the holding company of All Nippon Airways, has a 9.5% stake in PAL Holdings. PAL is the ninth-largest corporation in the Philippines in terms of gross revenue, as stated in the Philippines’ Top 1000 Largest Corporations of 2017. As of December 2018, PAL employs a total of 6,689 employees, which includes 999 pilots and 2,647 cabin crew. PAL is the sixty-first largest airline in the world in terms of revenue passenger kilometers flown, with over 16 million flown for 21 million available seat kilometers, an average load factor of 76 percent. PAL has flown approx. 12 million passengers in 2014 and 16 million in 2016.
For the fiscal year ending on March 31, 2007, Philippine Airlines reported a net income of US$140.3 million, the largest profit in its 76-year history. This allowed it to exit receivership in October. PAL had forecast net profit to reach $32.32 million for the fiscal year ending on March 31, 2008, $26.28 million in 2009 and $47.41 million in 2010, but this proved difficult to achieve, with a large loss announced in early 2009 causing some concern.
However, Philippine Airlines reported a total comprehensive income of $20.4 million for 2014, the company’s first profit in four years. The company continued its financial turnaround, reporting a net income growth of 4430.04% for the year 2015. However, PAL reported a loss in 2016, with a net income growth of -38.80%.
On November 15, 2018, the airline was named the “Most Improved Airline of 2019” award from airlineratings.com, a product rating website.