Philippine Airlines (PAL) has reported a net income of US$98 million (PHP 5.4 billion) and an operating income of US$130 million (PHP 7.2 billion) for the third quarter of 2023. This marks a significant improvement from the US$63 million (PHP 3.5 billion) net income and US$87 million (PHP 4.9 billion) operating income reported in the third quarter of 2022.
The airline attributes this positive financial performance to the growth of passenger travel and the corresponding expansion of flights across its global network. PAL carried 4 million passengers in Q3 2023, a 54% increase from the 2.6 million flown in Q3 2022.
Passenger revenues for the third quarter grew to US$749 million (PHP 47.5 billion), compared to the US$610 million (PHP 40.8 billion) earned in Q3 2022. However, cargo revenues declined by 35% due to a softening in the air cargo market.
For the first nine months of 2023, PAL reported a net income of US$348 million (PHP 19.2 billion) and an operating income of US$444 million (PHP 24.6 billion). The airline flew 11 million passengers during this period, an improvement from the 6.4 million carried in the same period of 2022. Passenger revenues for January-September 2023 grew to US$2.17 billion (PHP 120.1 billion).
“We are immensely grateful for the support of our faithful customers and all our employees, partners, and stakeholders,” said Capt. Stanley K. Ng, President and Chief Operating Officer of Philippine Airlines. He added that the airline is prepared to face potential challenges in the coming months due to geopolitical upheavals that could drive up fuel prices and threaten economic disruptions.
Mr. Lucio Tan III, President and Chief Operating Officer of PAL Holdings Inc., PAL’s parent company, echoed these sentiments. He stated that the company will continue to fortify the Philippine Airlines Group against external headwinds while building up PAL as a resilient and dynamic competitor.
As part of its service enhancements, PAL announced the acquisition of Airbus A350-1000 long-range aircraft valued at over US$3.2 billion (PHP 176.6 billion) for the nine aircraft ordered. The airline is also expanding its Cebu hub network and investing in a new customer relations management system offering more personalized self-service options for PAL customers.
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