PAL Holdings Inc. said Friday its total comprehensive income soared 288 percent in the first quarter from a year ago, driven by higher passenger revenues.
The parent firm of Philippine Airlines said total comprehensive income amounted P5.47 billion from January to March, higher than P1.41 billion it earned in the same period last year.
Consolidated revenues went up by 78.66 percent in the three-month period to P42.21 billion from P23.62 billion in the same period in 2022.
PAL Holdings attributed the revenue growth to the 119.53-percent increase in passenger sales as volume went up 156.20 percent.
The airline said its load factor improved significantly to 81.03 percent in the first quarter from 53.84 percent a year earlier.
It said the positive financial performance in the quarter reflected the continuing strength of the global air travel recovery.
PAL re-introduced routes to several cities in mainland China and launched nonstop flights to Perth, while maintaining regular services to North America, the Middle East, Australia and various destinations around Asia and the Philippines in the first quarter.
“Once again, we thank our valued customers for their support and for the privilege of serving them during this time of recovery and renewal,” said PAL president and chief operating officer Captain Stanley Ng.
“The stronger recovery brings transition challenges that impact our operations, and we commit to make productive use of our improving revenues to invest in fleet upgrades, product improvements, operational support and above all safety,” he said.
Consolidated operating expenses climbed 58.99 percent in the first quarter to P34.68 billion from P21.83 billion a year ago, coming from the impact of higher fuel prices which increased flying operations by 60.90 percent and more number of flights operated.
PAL said it expects delivery of 13 Airbus 321-231 NEO aircraft between 2026 and 2029.
PAL recently signed a memorandum of understanding with Airbus to acquire nine A350-1000 long-haul jetliners.
“We are acquiring additional aircraft so that we can serve our flying public better. For the long-term, we are ordering new long-range Airbus A350-1000 aircraft to operate our transpacific routes, offering our passengers a premium travel experience on the newest-generation aircraft to fly the Philippine skies,” Ng said.
The flag carrier is the only airline operating nonstop services between the Philippines and North America, and it has the largest network of flights and routes from the Philippines to Japan, the Middle East and Australia.