PHILIPPINE Airlines (PAL) saw its net income in the third quarter (Q3) surge by 55.5 percent to $98 million (P5.4 billion) from $63 million (P3.5 billion) a year earlier due to higher passenger traffic.
This brought the flag carrier's nine-month net income to $348 million (P19.2 billion) compared to the $133 million (P7.2 billion) posted a year earlier.
“We are immensely grateful for the support of our faithful customers and all our employees, partners and stakeholders,” President and Chief Operating Officer Stanley Ng said.
“[W]e will continue investing in brand-new aircraft, upgraded products and digital innovations that will help us deliver better service and a more satisfying experience for the people who entrust their flights and shipments to Philippine Airlines,” he added.
PAL said it carried 4 million passengers in the third quarter, up 54 percent from the 2.6 million flown last year. From January to September, it carried 11 million passengers, compared to 6.4 million a year earlier.
Passenger revenues were said to have reached $749 million (P47.5 billion) compared to $610 million (40.8 billion) last year, while cargo revenues declined by 35 percent because of a softening in the air cargo market.
Ng said the company was also gearing up to face potential challenges as geopolitical upheavals drive up fuel prices.
Lucio Tan 3rd, president and chief operating officer of PAL Holdings Inc, also said: “We 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.”
“We reaffirm our commitment to provide safe, reliable and efficient service in line with our mandate as the nation's flag carrier, looking forward to the coming peak travel season,” he added.
PAL's parent firm, PAL Holdings Inc., saw its share price rise by 17 centavos to P5.29 apiece on Friday.