Corporate Management
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. PAL is the thirteenth-largest corporation in the Philippines in terms of revenue and the twenty-first largest in terms of assets, as stated in the Philippines' Top 500 Largest Corporations of 2005. As of January 2005, PAL employs a total of 7,322 regular employees, including 450 pilots and 1300 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.
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 66-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.
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