FLAG carrier Philippine Airlines (PAL) closed 2024 with a net income of $51.1 million (P10.22 billion), achieving a five percent net margin, surpassing the global airline industry’s three percent average, according to IATA.
PAL’s fourth quarter revenues grew eight percent to $790.2 million while operating income surged 296 percent to $105.3 million.
Net income rose 19 percent to $16 million from the previous quarter’s $13.4 million. The airline carried 15.6 million passengers in 2024, up six percent from the prior year, operating 110,867 flights. Key expansions included the launch of nonstop Manila-Seattle flights, PAL’s first new U.S. route in nine years.
Despite market moderation, PAL generated $3.13 billion in total revenues, with passenger revenues dipping six percent, while cargo and ancillary revenues rose 12 percent and 16 percent, respectively.
PAL also invested $387.7 million in new aircraft and maintenance, reinforcing its commitment to fleet modernization and operational growth. / KOC