Philippine Airlines (PAL) on Friday reported net income rising 55.5 percent in the third quarter this year attributed to higher passenger traffic.
The Lucio Tan-led airline posted net income of $98 million (P5.4 billion) in the July to September period, up from $63 million (P3.5 billion) in the same period last year.
This brought the total net income in the first nine months to $348 million (P19.2 billion) compared to only $133 million (P7.2 billion) in the same period in 2022.
The airline’s financial performance reflects the continuing growth of passenger travel and corresponding expansion of flights across the flag carrier’s global network.
PAL carried four million passengers in the third quarter, up 54 percent from the 2.6 million flown in the same period last year.
From January to September, PAL carried 11 million passengers, improving on only 6.4 million carried in the same period of 2022.
The airline’s passenger revenue reached $749 million (P47.5 billion) compared to the $610 million (P40.8 billion) earned in the same period last year, while cargo revenue declined by 35 percent due to a softening in the air cargo market.
Passenger revenue in nine months this year grew to $2.17 billion (P120.1 billion) compared to only $1.47 billion (P79.5 billion) last year.
“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. “
“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,” he added.
Ng also said the company has to be ready to face potential major challenges in the coming months as geopolitical upheavals drive up fuel prices and threaten economic expansion.
“We will continue to fortify the Philippine Airlines Group against external headwinds such as volatile fuel prices and the impact of world events while building up PAL as a resilient and dynamic competitor,” said Lucio Tan III, president and chief operating officer of PAL Holdings Inc., PAL’s parent company.
“We reaffirm our commitment to provide safe, reliable and efficient service in line with our mandate as the nation’s flag carrier, looking forward to the coming peak travel season,” he added.
PAL’s fleet expansion and service enhancements program include the recently announced acquisition of Airbus A350-1000 long-range aircraft valued at a list price of over $3.2 billion (P176.6 billion) for the nine aircraft ordered; the expansion of the airline’s Cebu hub network; an all-new customer relations management system offering more personalized self-service options for PAL customers; and continuing increases in staffing of customer care personnel.
In addition to an extensive network to 33 domestic destinations, PAL operates a network of nonstop routes from the Philippines to North America, Japan, the Middle East and Australia.
