Philippine Airlines (PAL) reported a significant 51 percent decrease in net income for 2024, posting USD151.1 million (P10.22 billion) compared to USD379 million (P21 billion) in 2023. The decline was attributed to reduced revenue and increased operating costs, with total revenue falling 4 percent to USD3.13 billion (P179.67 billion) from USD3.25 billion (P180.73 billion) in 2023.
Passenger revenue fell 6 percent even as PAL’s cargo and ancillary revenue grew by 12 percent and 16 percent, respectively. Despite these challenges, the airline posted an 8 percent increase in system-wide revenue in the fourth quarter. PAL’s disciplined cost management, strategic network expansion, and operational improvements contributed to its 13th consecutive profitable quarter.
PAL also expanded its operations, launching new U.S. routes and increasing flight frequencies, which helped carry 15.6 million passengers in 2024—6 percent more than the previous year. The airline made substantial investments in digital transformation and new aircraft, including nine Airbus A350-1000s and 13 A321neo aircraft, ensuring future growth and improved service.
Despite ongoing pressures such as inflation and competition, PAL’s financial discipline and customer-centric initiatives have positioned it as one of the region’s most resilient full-service carriers.
