Philippine Airlines (PAL) said Friday its net income grew by 55.5 percent in the third quarter of 2023 on the back of higher passenger traffic.
The airline unit of businessman Lucio Tan earned $98 million (P5.4 billion) from July to September, up from $63 million (P3.5 billion) in the same period last year.
This brought the airline’s total net income in the first nine months to $348 million (P19.2 billion), up from $133 million (P7.2 billion) in the same period in 2022.
PAL said the positive financial performance reflected the continuing growth of passenger travel and the corresponding expansion of flights across the flag carrier’s global network.
PAL carried 4 million passengers in the third quarter, up 54 percent from 2.6 million flown in the same period last year.
It carried 11 million passengers in the first nine months, improving from the 6.4 million it carried in the same period last year.
PAL said passenger revenues reached $749 million (P47.5 billion) in the third quarter, compared with $610 million (P40.8 billion) in the same period last year, while cargo revenues declined 35 percent due to a softening in the air cargo market.
Passenger revenues in the first nine months amounted to $2.17 billion (P120.1 billion), up from $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 Ng, president and chief operating officer of PAL.
“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 said.
Ng said the company should be ready to face potential major challenges in the coming months, as geopolitical upheavals drive up fuel prices and threaten economic disruptions.
“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 said.
PAL’s fleet expansion and service enhancements 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.
PAL operates the largest network of nonstop flights from the Philippines to North America, Japan, the Middle East and Australia.