PAL profit down 58% in 2024 amid stiff competition
MANILA, Philippines — The parent company of Philippine Airlines (PAL) saw its net income drop by 58 percent to P7.02 billion in 2024 due to weaker revenues amid stiffer competition.
Nonetheless, the flag carrier marked its fourth consecutive year of profitable operations.
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Passenger revenues fell by 3 percent to P154.95 billion, PAL said in a press statement on Friday. This was even as passenger volume grew by 6 percent to 15.6 million last year.
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PAL operated nearly 111,000 flights for the period.
Total operating expenses rose by 3 percent to P161.59 billion last year because of higher lease costs and airport chargers.
READ: Flying high: PAL doubled 2023 net income to P16B
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