PAL’s net income soars 162% in first 9 months

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PAL’s net income soars 162% in first 9 months
  • Philippine Airlines posted a net income of $348 million in the first nine months of the year, up 162% from $133 million year-on-year
  • Consolidated revenues increased 37.65% as passenger volume grew 73.3% while cargo revenue dropped 47%
  • President and COO Stanley Ng identified increasing fuel prices and possible economic disruptions caused by geopolitical events as challenges in the near future

Philippine Airlines’ (PAL) net income soared 162% to $348 million (P19.2 billion) for the first nine months of 2023 from $133 million (P7.2 billion) in the same period last year.

Passenger volume grew 73.3%, with 11 million flown in the first nine months of this year. This helped increase consolidated revenues to P134.58 billion and PAL’s passenger revenue to $2.17 billion (P120.1 billion).

Revenue from cargo, however, dropped 47% to P5.705 billion from P10.744 billion last year.

For the third quarter alone, net income was $98 million (P5.4 billion), 55.6% more than the $63 million (P3.5 billion) reported last year.

PAL said its positive performance was due to increased passenger travel, with 4 million passengers flown in the third quarter of this year alone, a 54% improvement from last year.

Passenger revenues for July to September reached $749 million (P47.5 billion), while cargo revenues fell 35%.

“We are immensely grateful for the support of our faithful customers and all our employees, partners and stakeholders. We assure them that we will continue investing in brand-new aircraft, upgraded products and digital innovations that will help us deliver better service and a more satisfying experience for the people who entrust their flights and shipments to Philippine Airlines,” said PAL president and chief operating officer Stanley Ng in a statement.

“At the same time, we have to be ready to face potential major challenges in the coming months, as geopolitical upheavals drive up fuel prices and threaten economic disruptions,” Ng added.

PAL said it has expanded its fleet and services, adding a total of nine Airbus 350-1000 long-range planes, worth over $3.2 billion (P176.6 billion). It is also growing its hub network, customer relations management system, and staffing of customer care personnel.

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