PHILIPPINE Airlines (PAL) marked a banner 2023 with its all-time strongest financial performance.
The Philippine flag carrier registered a 2023 net income of US$379 million (P21 billion), a 92 percent increase from the $197 million (P11 billion) net income logged in 2022. PAL achieved this positive performance amid a robust increase in operations and passenger traffic, both internationally and domestically.
The flag carrier operated 105,294 flights in 2023, a 36 percent growth from the 77,533 flights mounted in 2022, an increase of more than 27,000 flights.
The increase in flight activity enabled PAL to carry 14.7 million passengers in 2023, a 58 percent uptick from 9.3 million passengers in 2022.
With the continued recovery of air travel post-pandemic, PAL recorded a 37 percent surge in passenger revenues from US$2.1 billion (P114 billion) in 2022 to $2.9 billion (P160 billion) in 2023.
Total net revenues, including cargo and ancillary revenues, grew by 27 percent from $2.6 billion (P139 billion) to $3.2 billion (P181 billion). / PR