PAL HOLDINGS, INC., the operator of Philippine Airlines (PAL), saw its third-quarter (Q3) attributable net income nearly double to P1.37 billion on higher passenger revenues.
For the three months ending September, PAL Holdings logged a revenue of P42.67 billion, up 2.74% from P41.53 billion a 12 months ago, while gross expenses rose barely to P40.19 billion from P39.79 billion.
“As we move forward with our strategic and long-term initiatives, we remain focused on delivering value to stakeholders, strengthening our financial position, elevating the passenger experience, and ensuring the very best standards of safety in all our operations,” PAL President Richard Nuttall said in a media release on Tuesday.
For the January-to-September period, PAL Holdings’ attributable net income climbed 33.58% to P9.03 billion from P6.76 billion a 12 months ago, supported by higher passenger revenues of P116.56 billion, up from P115.66 billion.
Cargo and ancillary revenues contributed P6.71 billion and P12.67 billion, respectively.
Total revenues for the nine-month period increased 2.68% to P136.01 billion from P132.45 billion, while gross expenses rose 3.96% to P124.85 billion from P120.09 billion.
Expenses from flying operations totaled P64.01 billion; maintenance, P17.48 billion; aircraft and traffic servicing, P16.58 billion; and passenger service, P10.74 billion.
PAL has strengthened its regional position, rating first in on-time performance amongst Asia-Pacific carriers for 3 consecutive months from August to October this 12 months.
“These accolades enhance PAL’s position because the nation’s flag carrier, affirming its popularity for reliability, customer support, and operational excellence,” Mr. Nuttall said.
Capital expenditure for the primary nine months rose to $308 million from $265 million a 12 months earlier.
In September, PAL began deploying its first refurbished aircraft as a part of a retrofitting program that may see 18 Airbus A321ceo planes operating across Asia by 2027, including routes to Tokyo, Osaka, Jakarta, Bali, and Guam. — Ashley Erika O. Jose