Philippine Airlines (PAL) has posted a net income of US$140.3 million for its fi nancial year ending March 31, 2007, the highest profi t in its 66-year history.

Strong performances by the passenger and cargo businesses, coupled with some non-recurring items, contributed to the expansion. It was also PAL’s third straight annual profi t, despite adverse operating conditions, including skyrocketing fuel prices, the liberalisation of the aviation industry, continuing global terrorist threats and other issues affecting travel, as well as the airline’s cost base.

PAL president Jaime Bautista said the solid results confi rm that PAL is fully recovered and is now fi rmly on track towards long-term profi tability. The airline is consolidating these gains by reinvesting them in the business in order to further improve its products and services. Last year’s record profi t came on the back of a US$158.4 million or 12.8 percent upsurge in revenues, which also reached a new high of US$1.39 billion. – Edu Lopez