Philippine Airlines reported a net income of P13.6 billion in the first half of 2023, an increase of 194% as compared to Q2, 2022 citing high passenger volumes. The airline booked a net income of 141 million in Q2, 2023 almost triple that of $47.9-million profit it earned in the same period last year.
PAL’s net income in the first half of 2023 rose to $250 million, up 257% from $70 million a year ago.
PAL’s Q2 revenues grew 27% to $820 million. The airline carried 4 million passengers, up 80% year-on-year; operated over 50,400 flights and logged an 81.6-percent average passenger load factor. PAL closed Q2 with passenger revenue of $1.4 billion.
“The latest positive financial results enable us to build a better, stronger and more agile Philippine Airlines that creates greater value for our customers, and we are grateful for their continuing support and patronage,” said PAL president and chief operating officer Capt. Stanley Ng.
The airline also announced that it plans to buy new aircraft to boost its fleet after it posted a record net income of P13.6 billion in the first half of 2023.
In a statement, PAL said it is purchasing 9 A350-1000 long-range aircraft, at more than $3.2 billion or P176.6 billion, based on the list price of $366.5 million per aircraft.
PAL also said it wants to hire more customer care and contact center agents, and roll out a new customer relations management system within the year to provide more personalized self-service options for customers.
"PAL is on a recovery track and is now in a position to carry out major product and digital transformation initiatives in order to grow amid a more competitive and challenging aviation industry," added, Lucio C. Tan III, president, PAL Holdings.