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Philippine Airlines generated a total comprehensive income of P9.48 billion in the first half of 2024, a 30% decrease from the P13.56 billion income reported in the same period last year
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Revenues from January to June 2024 amounted to P90.92 billion, up 3.97% from P87.45 billion in the same period last year due to the significant growth in passenger and ancillary revenues
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PAL saw a 12.45% increase in passenger volume to 7.91 million, and 11.43% more flights to 56,237 in the first half
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Cargo revenue improved 8% to P4.12 billion from P3.81 billion due to higher volume
Philippine Airlines (PAL) generated a total comprehensive income of P9.48 billion in the first half of 2024, a 30% decrease from the P13.56 billion income reported in the same period last year.
Revenues from January to June 2024 amounted to P90.92 billion, up 3.97% from P87.45 billion in the same period last year due to the significant growth in passenger and ancillary revenues, PAL Holdings, Inc. said in a regulatory disclosure.
Passenger revenues grew 2.05% to P79.84 billion during the first six months of the year as compared with the P78.24 billion in the same period last year due to the 12.45% increase in passenger volume, from 7.03 million passengers in 2023 to 7.91 million passengers in 2024, partially offset by the decrease in average fare per passenger.
Revenues from cargo likewise improved 8% to P4.12 billion from P3.81 billion due to higher cargo volume.
RELATED READ: PAL handles 24% more cargo in 2023
Ancillary revenues also grew 28.56% to P6.90 billion mainly due to higher volume of ticket rebooking and seat upgrades.
Other revenues for the current year increased to P0.06 billion from P0.03 billion, mainly attributable to lease income generated from aircraft operating lease arrangements with an entity under common control.
Consolidated operating expenses increased by 14.96%, primarily attributable to increase in flights by 11.43% from 50,467 in 2023 to 56,237 in 2024.
In a separate statement, PAL said its capital expenditures increased to $157 million mostly for aircraft purchases, maintenance and cabin upgrades to reinforce operational integrity and a well differentiated quality service for the airline’s customers.
“Philippine Airlines remains on track in its transformative growth strategy as we deliver a more efficient airline offering quality service, to fulfill our mandate as the Philippines’ flag carrier and only full-service airline with the largest network,” said PAL Holdings Inc. president and chief operating officer Lucio C. Tan III.
For the second quarter of 2024 alone, the airline generated revenues of $787 million, a 4% decrease year-on-year, reflecting yield pressures brought about by the return of more capacity to the market.
Operating income was reported at $64 million and was negatively impacted by higher costs related to increased flying and maintenance activities for the second quarter. Net income for the second quarter amounted to $41 million.
“As the industry adjusts to a re-balancing between demand and capacity, and continues to face cost and supply chain challenges, we are implementing a disciplined investment plan to upgrade our fleet and continue our digital transformation so that we can serve our passengers better,” PAL president and chief operating officer Stanley Ng said.
