However, it warned of turbulence ahead, citing surging oil prices, a gradual slowdown in passenger traffic and crises around the world as key concerns.

PAL said in a statement that net profit hit US$72.5 million in the 12 months to March, a huge improvement on the US$14.4 million loss in its previous fiscal year.

It added that revenues for the year soared 23 percent to US$1.67 billion.

Passenger and cargo traffic grew 12.4 percent and 41.8 percent respectively as the industry rebounded from the global slump, while rising passenger yields accompanied the growth in traffic volume.

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