Philippine Airlines (PAL) has reported impressive financial results for the first half of 2023, with a record net income of US$250 million (PHP 13.6 billion) and operating income of US$314 million (PHP 17.4 billion).
PAL is set to bolster its offerings through investments in fleet expansion and service enhancements. The airline’s plans include acquiring nine Airbus A350-1000 long-range jetliners, valued at over US$3.2 billion (PHP 176.6 billion), to improve its travel experience.
Capt. Stanley K. Ng, President and COO of PAL, emphasized the airline’s dedication to customer satisfaction, stating, “We remain steadfast in our commitment to invest in new aircraft, improved cabins, and enhanced travel experience for our valued customers.”
Mr. Lucio C. Tan III, President & COO of PAL Holdings, Inc., the airline’s parent company, highlighted PAL’s recovery track and readiness for industry challenges.
PAL’s Q2 2023 revenues soared by 27% to US$820 million (PHP 45.6 billion), driven by higher passenger numbers. Operating income for Q2 surged by 95% to US$179 million (PHP 10 billion) compared to Q2 2022.
The company achieved an 89% rise in passengers, operating over 50,400 flights with an 81.6% average passenger load factor. Passenger revenues reached US$1.4 billion (PHP 78.2 billion), buoyed by recovering demand on both international and domestic routes.
Despite a 54% drop in cargo revenue due to resource reallocation, PAL’s operating income for H1 2023 reached US$314 million (PHP 17.4 billion), up from US$125 million (PHP 6.6 billion) in H1 2022.
PAL has resumed flights to mainland China and launched nonstop services to Perth, further expanding its network. With 32 domestic destinations and international routes, PAL remains a significant player in global aviation.
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