Press releases & statements

PAL Nets P7.4B in Operating Income for Q1 2023


May 12, 2023


Flag carrier Philippine Airlines, Inc. (PAL) registered an operating income of US$ 135.2 Million (PHP 7.4 Billion) and total comprehensive income of US$ 108.2 Million (PHP 5.9 Billion) for the first quarter of 2023.


The US$ 135.2M operating income in Q1 2023 is a substantial improvement from the US$ 33.8 Million (PHP 1.7 Billion) logged by PAL in the first quarter of 2022. The positive financial performance reflects the continuing strength of the recovery of air travel. During Q1 2023, PAL re-introduced routes to several cities in mainland China and launched nonstop flights to Perth, while maintaining regular services to North America, the Middle East, Australia and various destinations around Asia and the Philippines.


The total comprehensive income of US$ 108.2M in Q1 2023 shows remarkable growth from last year’s first-quarter result of US$ 22.6 Million (PHP 1.2 Billion).


PAL generated US$ 776.9 M (PHP 42.6 B) in revenues for Q1 2023, a 66.5% improvement from Q1 2022 (US$ 466.6 M), driven by a 156.2% increase in the number of passengers carried on PAL’s global network. PAL carried 3.4 million passengers in the first quarter.


Operating expenses for the quarter increased by 48.3% to US$ 641.7 M (PHP 35.2 B), vs. the US$ 432.8 M incurred in Q1 2022. The rise in expenses reflected an increase in operated flights amid higher fuel prices.


“Once again, we thank our valued customers for their support and for the privilege of serving them during this time of recovery and renewal,” said Captain Stanley K. Ng, PAL President & Chief Operating Officer. “The stronger recovery brings transition challenges that impact our operations, and we commit to make productive use of our improving revenues to invest in fleet upgrades, product improvements, operational support and above all safety.”


PAL signed a memorandum of understanding to acquire nine (9) Airbus A350-1000 long-haul jetliners, the largest version of the A350 family of high-performance aircraft, to operate nonstop flights to the U.S. and Canada, and potentially to Europe.


Added Captain Ng: “We are acquiring additional aircraft so that we can serve our flying public better. For the long-term, we are ordering new long-range Airbus A350-1000 aircraft to operate our transpacific routes, offering our passengers a premium travel experience on the newest-generation aircraft to fly the Philippine skies.”


The Philippine flag carrier is the only airline operating nonstop services between the Philippines and North America, along with the largest network of flights and routes from the Philippines to Japan, the Middle East and Australia.