PAL Holdings Inc, the parent company of Philippine Airlines (PAL), on Friday reported P9.48 billion in comprehensive income in the first six months of 2024.
“Philippine Airlines remains on track in its transformative growth strategy as we deliver a more efficient airline offering quality service, to fulfill our mandate as the Philippines’ flag carrier and only full-service airline with the largest network,” said PAL Holdings Inc. president and chief operating officer Lucio Tan III.
PAL expanded flights by 11 percent and carried almost 8 million passengers across its international and domestic network, or 13 percent more than the 7 million in the same period of 2023.
PAL’s expansion aligns with an overall growth in air travel, with Manila’s Ninoy Aquino International Airport alone showing a 13-percent growth in passenger volume.
“As the industry adjusts to a re-balancing between demand and capacity, and continues to face cost challenges, we are implementing a disciplined investment plan to upgrade our fleet and continue our digital transformation so that we can serve our passengers better,” said Captain Stanley Ng, president and chief operating officer of PAL.
“We are happy to announce a milestone expansion of our Mabuhay Miles lifestyle program, having just breached the level of six million members,” he said.
PAL Holdings’ consolidated revenues reached P90.92 billion in the six-month period, or 3.97 percent higher than P87.45 billion in the same period last year on significant increase in passenger and ancillary revenues.
Passenger revenues increased 2.05 percent to P79.84 billion from P78.24 billion as passenger volume grew from 7.03 million to 7.91 million. Cargo revenues amounted to P4.12 billion, up from last year’s figure of P3.81 billion.
Ancillary revenues surged 28.56 percent to P6.90 billion, led by higher volume of ticket rebooking and seat upgrades.
