Philippine Airlines Reports P8B Net Income for First Nine Months of 2024 Amid Fleet Investments

Philippine Airlines (PAL) recorded a net income of P8.075 billion in the first nine months of 2024, a decrease from the P19.258 billion earned in the same period last year. The decline reflects the airline’s substantial investments to upgrade its fleet and enhance service offerings, according to parent company PAL Holdings’ disclosure to the Philippine Stock Exchange.

Gross revenues declined slightly to P132.4 billion from P134.5 billion, while expenses increased to P120.08 billion from P109.7 billion year-over-year. PAL president and COO Stanley Ng said the airline’s recent financial results underscore a commitment to “higher-level products and services,” including fleet expansion, cabin upgrades, and digital innovations.

PAL’s capital expenditures reached P15 billion, covering major aircraft maintenance and enhancements to elevate service quality. This included pre-delivery payments for new Airbus A350-1000s.

As of September, PAL had transported 11.7 million passengers, up 6% from the previous year. The airline also launched a Manila-Seattle route in October and is set to expand further with Clark-Siargao flights on December 3, Cebu-Osaka on December 22, and a new Manila-Cauayan route beginning January 15