PAL Holdings, Inc. Reported US$13 Million Net Income in 3Q 2024

​Philippine Airlines (PAL) achieved a net income of US$13 million (P812 million) and an operating income of US$27 million (P1.6 billion) in the third quarter of 2024, posting its 11th consecutive quarter of positive financial results, since its emergence from the pandemic restructuring.

​Year-to-date, PAL has generated a net income of US$135 million (P8 billion), with a net operating income of US$209 million (P 12 billion) for the first nine months of 2024.

This year, PAL carried 11.7 million passengers, a 6% growth from the same January to September period last year, generating US$2.3 billion (P134 billion) in revenues. This represents a reduction of 4% vs the same period in 2023 as significant industry capacity growth impacted yields.

Operating expenses YTD vs last year of 2024 increased by 7% to US$ 2.1 billion (P122 billion), mainly due to the rise in costs of aircraft ownership, maintenance and airport handling charges.

Capital expenditures increased to US$263 million (P15 billion) with a substantial portion dedicated to major maintenance requirements of its aircraft and engines and enhancements in the cabin to reinforce operational integrity and ensure a well-differentiated quality service for its customers. The Capex also includes pre-delivery payments for the A350-1000s on order.

“The latest net income report reflects our ongoing focus on investments to ensure higher[1]level products and services for our customers – building up our fleet, upgrading our cabins, rolling out digital innovations and refining a high-performance culture for our teams,” said Captain Stanley K. Ng, PAL President and Chief Operating Officer.

“As market conditions normalize, we are continuing to see a moderation in growth and a more challenging business environment where rising costs exert greater pressure on the economics of airline operations.”

With the continuing streak of positive quarters, the airline saw a strengthened balance sheet with total equity increasing to US$ 776 million as of September 30, 2024, vs. US$ 641 million at the end of 2023.

The Philippines’ leading international carrier, PAL continues to expand its network with the launch of its new Manila-Seattle route on October 2. In preparation for the busy holiday season, the airline is resuming its Clark-Siargao flights beginning December 3, its Cebu-Osaka flights on December 22, and introducing the new Manila-Cauayan route starting January 15.

An uptick in operational efficiency has helped PAL boost its on-time performance, earning it a place among the Top 10 Most Punctual Airlines in the Asia Pacific region for August and September 2024, echoing a similar achievement in the last half of 2023.

In a recently concluded annual conference, Philippine Airlines was awarded Employer of the Year, Regional Exemplar for the National Capital Region, by the People Management Association of the Philippines (PMAP).