PHOTO: Official website of Philippine Airlines
The operator of Philippine Airlines (PAL) registered 55-percent drop in net income during the first three quarters due to lower revenues despite flying more passengers amid the resurgence of air travel.
In a disclosure on Tuesday, PAL Holdings Inc. reported that its net income had declined to P6.76 billion in January to September from P15.16 billion last year.
The nine-month consolidated revenues slipped by 1.58 percent to P134.58 billion. Bulk of the top line was dragged by passenger revenues slowing down by 3.68 percent to P115.66 billion.
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However, passenger volume for the period rose by 6.38 percent to 11.71 million.
“Despite the increase in passenger volume … the yield per passenger declined by 6.9 percent due to increased competition in the market,” PAL explained.
Flying operations expenses rose by nearly 9 percent to P64.49 billion for the period, driven by aircraft-related expenses.
The Lucio Tan-led airline received three aircraft in the second half of 2023 and another one in the first quarter of this year. Some 45 aircraft engines also underwent repair during the period.
Last month, PAL launched its maiden flights from Manila to Seattle, its latest destination to United States.