BY KHRISCIELLE YALAO
The country's premiere airline Philippine Airlines (PAL) reported a 167 percent surge in its net income to P19.2 billion for the nine month period in 2023 from P7.2 billion in the same period in 2022 as air travel continues to boom.
In a disclosure to the Philippine Stock Exchange (PSE), the airline's passenger revenues also grew by 51 percent to P120.1 billion for the nine month period this year compared to P79.5 billion last year.
However, cargo revenues declined by 35 percent this third quarter because of "softening in the air cargo market."
PAL's operating income also grew 114 percent to P24.6 billion for the January to September 2023 period from P11.5 billion in 2022.
According to PAL, its significant financial performance "reflects the continuing growth of passenger travel and the corresponding expansion of flights across the flag carrier’s global network."
The airline's passenger count for the first nine months of 2023 increased by 72 percent, amounting to 11 million from 6.4 million in 2022.
In the third quarter alone, PAL's passenger count this year was 54 percent higher to four million from 2.6 million in the same period in 2022.
PAL President and Chief Operating Officer Capt. Stanley K. Ng assures the public that the firm 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."
“At the same time, we have to be ready to face potential major challenges in the coming months, as geopolitical upheavals drive up fuel prices and threaten economic disruptions," he added.
As PAL’s parent company, PAL Holdings Inc. President and COO Lucio Tan III said that it 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."
“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,” added Tan.
