PAL reports P812 million net income in Q3 2024

MANILA, Philippines — The Philippine Airlines (PAL) said it has achieved a net income of P812 million and an operating income of P1.6 billion in the third quarter of 2024 alone.

According to PAL in a statement, these incomes mark the airline’s 11th consecutive quarter of positive financial results since the COVID-19 pandemic.

PAL also announced that for the first nine months of 2024, it generated an income of P8 billion, with a net operating income of P12 billion.

The airline said it also carried 11.7 million passengers from January to September, generating P134 billion in revenues, which is a 6 percent growth from the same period last year.

However, PAL noted that the figure represented a reduction of 4 percent compared to the same period in 2023, as “significant industry capacity growth impacted yields.”

READ: PAL losses swelled to P71.8B in 2020

Operating expenses also increased by 7 percent to P122 billion, with PAL attributing it to the rise in costs of aircraft ownership, maintenance, and airport handling charges.

The airline also noted an increase in capital expenditures at P 15 billion, a substantial portion of which will be dedicated to major maintenance requirements of its aircraft and engines and enhancements.

“The latest net income report reflects our ongoing focus on investments to ensure higher-level products and services for our customers – building up our fleet, upgrading our cabins, rolling out digital innovations, and refining a high-performance culture for our teams,” said PAL president and Chief Operating Officer Stanley Ng.

“As market conditions normalize, we are continuing to see a moderation in growth and a more challenging business environment where rising costs exert greater pressure on the economics of airline operations,” he added.

Expanding network

Meanwhile, PAL also announced its plans to resume its Clark-Siargao flights starting December 3 in preparation for the holiday season.

PAL will also resume its Cebu-Osaka flights on December 22, as well as open the new Manila-Cauayan route starting January 15.

Last October 2, PAL also launched its new Manila to Seattle route.