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An airplane takes off from the Ninoy Aquino International Airport (NAIA) on August 4, 2023. Jonathan Cellona, ABS-CBN News

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NAIA-AIRPORT

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MANILA -Philippine Airlines&#x27; net income declined in the first quarter amid higher operating costs even as passenger volumes increased, the company disclosed on Thursday.The flag carrier reported $81 million or P4.6 billion in net income in the first quarter of 2024, 25 percent lower than what it earned in the same period in 2023.Consolidated revenues however grew 6 percent to $826 million in the first quarter mainly driven by a 13.6 percent increase in passenger volume. &quot;Passenger revenues in the first three months of the year grew by 5 percent to $720.9 million compared with $686.2 million in the same period last year,&quot; the airline said.Cargo revenues however fell 4 percent to $34.4 million despite a 21 percent growth in cargo volume.PAL said its operating income of $118.4 million is 12 percent lower year-on-year, due to an increase in operating expenses, as a result of the 13 percent increase in flights, as well as the continued industry-wide price hike on services covering maintenance, ground handling, airport and passenger service charges.The airline meanwhile also said fading &quot;revenge travel&quot; led to lower net income.&quot;While 25 percent less than PAL’s first quarter net income in 2023, this is an expected outcome as global travel patterns normalize following the post-pandemic surge of 2023PAL said it carried over 3.8 million passengers on over 28,000 flights in the first three months of 2024.&quot;Our positive bottom line confirms that we are on track with our growth strategies, in the areas of fleet growth, route network expansion and service innovations,” said PAL President and COO Stanley Ng.Ng also said supply chain issues continue to put a strain on PAL&#x27;s operations.The airline is preparing to launch non-stop flights <a href="https://news.abs-cbn.com/business/2024/4/2/pal-to-launch-manila-seattle-route-this-year-1356" target="_blank" rel="noopener noreferrer"></a><span style="color:rgb(0, 0, 0);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none"><a href="https://news.abs-cbn.com/business/2024/4/2/pal-to-launch-manila-seattle-route-this-year-1356" rel="noopener noreferrer" target="_blank">between Manila and Seattle</a><span style="color:rgb(0, 0, 0);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none"> this year. PAL achieved a record net income of $379 million, or P21 billion in 2023.<div>RELATED STORY:</div><div><iframe width="640" height="360" src="https://www.youtube.com/embed/qveIpsMgWSU?&amp;ab_channel=ANC24%2F7autoplay=1&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></div>

Waning pent-up travel demand pushed Philippine Airlines' quarterly profit down.

Higher costs, fading 'revenge travel' weigh on PAL's first quarter income

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Higher costs, fading 'revenge travel' weigh on PAL's first quarter income

ABS-CBN News

Published May 02, 2024 06:22 PM PHT

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