PAL earnings more than double on higher travel demand

PAL Holdings, Inc., the listed operator of flag carrier Philippine Airlines (PAL), saw its attributable net income more than double to P16.81b last year, driven by heightened passenger volume and route expansions. The company’s net income for 2023 rose to P16.81b from P8.16b a year ago, it said in a regulatory filing on Monday. PAL’s passenger revenue increased by 37% to P160b in 2023 from P114b in 2022, boosting the company’s overall revenues. The company said that higher revenues offset the increase in gross expenses as its top line climbed to P179.12b, marking a 28.6% increase, citing a “significant” rise in passenger volume compared to its previous combined revenues of P139.24b. The company flew a total of 14.7m passengers in 2023, a 58% jump from last year’s 9.3m passenger count. Data provided by the Civil Aeronautics Board (CAB) showed that PAL’s subsidiary PAL Express’ passenger volume rose to 7.77m from 3.84m in 2022. The flag carrier also managed to operate about 105,294 flights in 2023, a 36% climb from 77,533 flights in 2022. <br/>