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Monday, June 24, 2024

PAL’s income flew to $141 million in second quarter of 2023

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MANILA – Philippine Airlines said Friday said it is on a “recovery track” after posting a 194-percent increase second-quarter net income on the back of higher passenger volume.

The airline unit led by tycoon Lucio Tan booked a net income of $141 million from April to June, almost tripling the $47.9-million profit it earned in the same period last year.

This brought the flag carrier’s total income in the first half to $250 million, up 257 percent from $70 million a year ago.

PAL’s second-quarter revenues grew 27 percent to $820 million, on higher passenger numbers.   The airline flew 4 million passengers, up 80 percent year-on-year; operated over 50,400 flights and logged an 81.6-percent average passenger load factor.

“The latest positive financial results enable us to build a better, stronger and more agile Philippine Airlines that creates greater value for our customers, and we are grateful for their continuing support and patronage,”  said PAL president and chief operating officer Capt. Stanley Ng.

Lucio Tan III, president and chief operating officer of PAL Holdings Inc., the airline’s parent company, said it was “on a recovery track.”

He said PAL was in a position to carry out major product and digital transformation initiatives to grow amid a more competitive and challenging aviation industry.

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