Philippine Airlines (PAL) said Thursday its comprehensive income fell 25 percent in the first quarter to $81 million from $108.2 million in the same period in 2023.
The Lucio Tan-led airline said the drop was an expected outcome as global travel patterns normalize following the post-pandemic surge of 2023.
“Our positive bottom line confirms that we are on track with our growth strategies, in the areas of fleet growth, route network expansion and service innovations. We are particularly pleased with the strong reception that the Manila-Seattle route has been getting since our announcement last month,” PAL president and chief operating officer Stanley Ng said.
“However, supply chain issues remain and continue to put a strain on our operations, but we are determined to address these challenges,” Ng said.
PAL’s operating income amounted to $118.4 million, or 12 percent lower year-on-year, on higher operating expenses, as a result of the 13-percent increase in flights and the continued industry-wide price hike on services covering maintenance, ground handling, airport and passenger service charges.
PAL’s consolidated revenues grew 6 percent to $826 million in the first quarter, driven by a 13.6-percent increase in passenger volume.
Passenger revenues in the first three months rose 5 percent to $720.9 million from $686.2 million a year earlier.
Cargo revenues amounted $34.4 million, a 4-percent decrease despite posting a 21-percent growth in cargo volume compared to the same period last year.
Capital expenditures reached $73 million for the pre-delivery payments on the Airbus A350-1000s on order and other aircraft-related requirements.
PAL is scheduled to reintroduce flights between Clark and Basco, Batanes in July this year, in line with its move to reopen more routes out of Clark and grow its network from Central Luzon.
The flag carrier will be the first carrier to link the Philippines and the U.S. Pacific Northwest with nonstop flights between Manila and Seattle in October. Seattle will be PAL’s sixth destination in the US and the eighth in North America.
PAL now operates the largest network of nonstop flights between the Philippines and the United States, serving Los Angeles, San Francisco, New York, Seattle, Honolulu and Guam.