PAL NETS US$98M IN Q3, INVESTS IN FLEET & PRODUCT UPGRADES
[Manila, Philippines, 10 November 2023] – Philippine Airlines (PAL) reported a net income of US$ 98 Million (PHP 5.4 Billion) and operating income of US$ 130 Million (PHP 7.2 Billion) for the third quarter of 2023. These represent improvements from the US$ 63 Million (PHP 3.5 Billion) net income and US$ 87 Million (PHP 4.9 Billion) in operating income realized in the third quarter of 2022.
The positive financial performance reflects the continuing growth of passenger travel and the corresponding expansion of flights across the flag carrier’s global network, with PAL carrying 4 Million passengers in Q3 2023, a 54% increase from the 2.6 Million flown in Q3 2022.
Accordingly, 3rd quarter passenger revenues grew to US$ 749 Million (PHP 47.5 Billion) vs. the US$ 610 Million (PHP 40.8 Billion) earned in Q3 2022, while cargo revenues declined by 35% due to a softening in the air cargo market.
Building on the gains registered in the first half of the year, PAL has now logged a net income of US$ 348 Million (PHP 19.2 Billion) for the full January to September 2023 period, vs. US$ 133 Million (PHP 7.2 Billion) for the same period in 2022. PAL’s operating income was US$ 444 Million (PHP 24.6 Billion) for January-September 2023, vs. US$ 212 Million (PHP 11.5 Billion) in 2022.
Altogether, PAL flew 11 Million passengers for the first nine months of 2023, improving on the 6.4 Million carried in the same period of 2022. Passenger revenues for January-September 2023 grew to US$ 2.17 Billion (PHP 120.1 Billion), vs. US$ 1.47 Billion (PHP 79.5 Billion) last year.
“We are immensely grateful for the support of our faithful customers and all our employees, partners and stakeholders. 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,” said Capt. Stanley K. Ng, President and Chief Operating Officer of 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.”
"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 Mr. 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.”
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 US$ 3.2 Billion (PHP 176.6 Billion) for the nine (9) 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.
In addition to an extensive network to 33 domestic destinations, PAL operates the largest network of nonstop flights from the Philippines to North America, Japan, the Middle East and Australia.