PAL nets P5.4B in Q3

Flag carrier Philippine Airlines (PAL) saw a higher bottom line in the third quarter of 2023.

In a statement, PAL said it booked a net income of P5.4 billion or approximately $98 million during the July–September period.

This is higher than the P3.5 billion or about $63 million in earnings seen in the same quarter of 2022.

The airline said the positive financial performance during the period reflected the continuing growth of passenger travel and the corresponding expansion of flights across its global network.

PAL said it flew four million passengers in the third quarter of 2023, up 54% from the 2.6 million passengers year-on-year.

Passenger revenues also went up to P47.5 billion ($749 million) from P40.8 billion ($610 million) recorded in the third quarter of 2022.

Cargo revenues, however, declined by 35% “due to a softening in the air cargo market.”

For the January–September period, PAL saw a net income of P19.2 billion or about $348 million, higher than the P7.2 billion or $133 million recorded in the same period last year.

The airline said it flew 11 million passengers for the first nine months of 2023, an improvement from 6.4 million carried in the same period in 2022.

“We are immensely grateful for the support of our faithful customers and all our employees, partners, and stakeholders,'' said 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.'' —VBL, GMA Integrated News