For the third quarter of 2023, Philippine Airlines reported financial results of $98 million (P5.4 billion) and $130 million (P7.2 billion) in operating profits, an improvement over the $63 million (P3.5 billion) in net income and the $87 million (P4.9 billion) in operational income realized in the third quarter of 2022.
In Q3 2023, PAL carried 4 million passengers, a 54-percent increase from the 2.6 million flown in Q3 2022. The flag carrier claims this excellent financial performance reflects the ongoing rise of passenger travel and the extension of flights across the global network.
Third-quarter passenger revenues increased to $749 million (P47.5 billion) from $610 million (P40.8 billion) in Q3 2022, but cargo revenues fell by 35 percent as a result of a downturn in the air freight market.
Building on the gains registered in the first half of the year, PAL has now logged a net income of $348 million (P19.2 billion) for the full January to September 2023 period, versus $133 million (P7.2 billion) for the same period in 2022. PAL's operating income was $ 444 million (P24.6 billion) for January–September 2023 versus $ 212 million (P11.5 billion) in 2022.
Altogether, PAL flew 11 million passengers for the first nine months of 2023, improving on the 6.4 million carried in the same period of 2022. Passenger revenues for January–September 2023 grew to $2.17 billion (P120.1 billion) versus $1.47 billion (P79.5 billion) last year.
PAL president and chief operating officer Capt. Stanley K Ng said the company is immensely grateful for the support of faithful customers and all PAL employees, partners and stakeholders. PAL will continue investing in brand-new aircraft, upgraded products and digital innovations to help it deliver better service and a more satisfying experience for the people who entrust their flights and shipments to Philippine Airlines, added Ng.
PAL Holdings Inc. president and chief operating officer Lucio Tan III said that they will continue to fortify the Philippine Airlines Group against external headwinds such as volatile fuel prices and the impact of world events while building up PAL as a resilient and dynamic competitor.
In order to improve its services and expand its fleet, PAL recently acquired nine Airbus A350-1000 long-range aircraft, valued at a list price of over $3.2 billion (P176.6 billion). Additionally, the airline has expanded its Cebu hub network, implemented a new customer relations management system that gives PAL customers more individualized options for self-service and is steadily hiring more customer care representatives.
PAL offers nonstop flights from the Philippines to North America, Japan, the Middle East and Australia, in addition to its huge network to 33 domestic destinations.