PAL parent sees Q1 profit dip amid cost pressures
Philippine Airlines parent PAL Holdings saw Q1 profits decline on the back of cost pressures, but notes that this was “an expected outcome” as travel demand normalises. For the three months to 31 March, the company reported an attributable net profit of Ps3.6b ($62.8m), down 23% year on year. This was despite a 8.5% increase in revenues, to Ps45.8b, led by an increase in passenger travel revenue, which grew about 7% year on year. Still, the rise in revenue was outpaced by a 13% jump in operating expenses, to Ps39b, as the airline increased flying activity. PAL also flagged “the continued industry-wide price hikes” in areas such as maintenance and ground-handling. PAL president Stanley Ng also notes that supply chain challenges “remain and continue to put a strain” on airline operations. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2024-05-06/unaligned/pal-parent-sees-q1-profit-dip-amid-cost-pressures
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PAL parent sees Q1 profit dip amid cost pressures
Philippine Airlines parent PAL Holdings saw Q1 profits decline on the back of cost pressures, but notes that this was “an expected outcome” as travel demand normalises. For the three months to 31 March, the company reported an attributable net profit of Ps3.6b ($62.8m), down 23% year on year. This was despite a 8.5% increase in revenues, to Ps45.8b, led by an increase in passenger travel revenue, which grew about 7% year on year. Still, the rise in revenue was outpaced by a 13% jump in operating expenses, to Ps39b, as the airline increased flying activity. PAL also flagged “the continued industry-wide price hikes” in areas such as maintenance and ground-handling. PAL president Stanley Ng also notes that supply chain challenges “remain and continue to put a strain” on airline operations. <br/>
