Philippine Airlines (PAL) has generated $1.6 billion in revenue during the first half (H1) of 2024. The national carrier saw a net income of $122 million along with an operating income of $182 million during the six-month period ending in June.
Passenger numbers saw an increase during the period as the airline expanded flights by 11% and 7.9 million passengers across its international and domestic routes, an increase of 13% more passengers when compared to the same period of time in 2023. This expansion of flights correlates with a 13% increase in passenger volume at Manila Ninoy Aquino International Airport (MNL), the airline’s hub.
""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 president and chief operating officer Lucio C. Tan.
Capital expenditures increased to $157 million for aircraft purchases, maintenance and cabin upgrades. PAL’s debt to equity improved to 2.06x as total debt decreased to $1.6 billion and equity increased to $763 million.
Taking a closer look at the second financial quarter of the year, PAL generated revenues of $787 million - a decrease of 4% when compared to the second quarter of 2023.
“Operating income was negatively impacted by higher costs related to increased flying and maintenance activities for Q2,” said a spokesperson for the airline. Operating income was reported at $64 million while PAL’s net income for the quarter was $41 million.
Stanley K. Ng, PAL president and chief operating officer added: ""As the industry adjusts to a re-balancing between demand and capacity, and continues to face cost and supply chain 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.""
Philippine Airlines reports a $122 million net income for H1 2024
