PAL’s new jets start arriving this year
The operator of Philippine Airlines (PAL) is on track to receive additional long-range aircraft by the end of this year. This would enable the flag carrier to beef up passenger capacity.
PAL Holdings Inc. president Lucio Tan III, said they would start taking deliveries of Airbus A350-1000 units in the latter part of this year. Tan said this during a stockholders’ meeting on Thursday.
The flag carrier sealed the order for nine jets in 2023. It was looking at deploying more aircraft for long-haul services from Manila to the East Coast of the United States (US) and Canada. The airline’s US network covers Seattle, Los Angeles, San Francisco, New York, Honolulu and Guam.
Each plane can accommodate 380 passengers with separate cabins for business class, premium economy and economy class. One can fly for 18,000 kilometers nonstop.
In addition, PAL expects to receive 13 units of A321neo (new engine option) regional jets starting 2026.
Tan said they were also retrofitting some of the airline’s aircraft. This involves the installation of new seats, enhanced Wi-Fi and modern in-flight entertainment systems.
To augment its fleet, PAL inked a five-year leasing agreement with European company Wamos Air for two jets in 2024.
The carrier currently has 79 operational aircraft in its fleet. This is below the pre-pandemic count of 91 jets.
As the company lined up aircraft purchases, it welcomed a new investor to beef up its coffers.
Strategic investments
Earlier this month, PAL Holdings disclosed that Cayman Island-based Oasis Investments II Master Fund Ltd. acquired 1.55 billion shares in the company, representing a 5.76-percent stake.
The transaction amounted to $41.22 million. Proceeds from this will go to “long-term strategic investments,”
In the first quarter, PAL Holdings grew its net income by 20 percent to P4.33 billion. This was thanks to total revenues rising by 2.5 percent to P46.9 billion.
Passenger volume rose by 5 percent to 4.1 million.
The flag carrier strengthened its domestic network with the launch of Manila-Cauayan and Cebu-Catarman flights in the first quarter.
This month, it started operating its nonstop flight between Cebu and Ho Chi Minh City in Vietnam.
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