PAL logs $81M net income in Q1

PAL to reroute Dammam, Doha flights to Cebu.
PAL to reroute Dammam, Doha flights to Cebu. (File photo)

PHILIPPINE Airlines (PAL) posted a positive performance in the first quarter of 2024 with a total comprehensive income of US$81 million. While 25 percent less than PAL’s first-quarter net income in 2023, this is an expected outcome as global travel patterns normalize following the post-pandemic surge of 2023.

PAL’s operating income of $118.4 million is 12 percent lower year-on-year, due to an increase in operating expenses, as a result of the 13 percent increase in flights, as well as the continued industry-wide price hike on services covering maintenance, ground handling, airport and passenger service charges.

PAL’s consolidated revenues grew by six percent to $826 million for the first quarter that ended last March 31, 2024, mainly driven by a 13.6 percent increase in passenger volume.

Passenger revenues in the first three months of the year grew by five percent to $720.9 million compared with $686.2 million in the same period last year.

Cargo revenues reached $34.4 million, a four percent decrease despite posting a 21 percent growth in cargo volume versus the first quarter 2023 performance.

Capital expenditures this quarter reached $73 million for the pre-delivery payments on the Airbus A350-1000s on order and other aircraft-related requirements.

PAL operated over 28,000 flights this quarter carrying a total of 3.8 million passengers.

It is scheduled to reintroduce flights between Clark and Basco, Batanes beginning July this year, in line with its move to reopen more routes out of Clark and grow its network from Central Luzon. / PR

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