Philippine Airlines (PAL) more than doubled its profit in the first quarter with the reopening of Chinese routes and introducing a host of new destinations. PAL Holdings, parent of Philippine Airlines recorded a 155% jump in net income to P4.51 billion from January to March compared with P1.77 billion in the same period last year.
PAL’s revenue jumped by 79 % to P42.21 billion, outpacing the 59% rise in expenses to P34.68 billion fueled by high inflation. In Q1 of 2023, the airline doubled its passenger earnings to P37.62 billion and also grew ancillary income by 36% to P2.62 billion.
The airline sustained a 57% decline in cargo revenue to P1.96 billion. The airline reported a 81.03% increase in load factor by the end of March.
PAL said that passenger volume increased by over twofold on the sustained recovery of demand for air travel. The airline’s plan to reactivate flights to Chinese destinations, one of the largest sources of tourist arrivals for the Philippines, paid off.
The airline also gained from the launch of non-stop services to Perth along with regular flights the Middle East and North America.