Philippine Airlines 9-mo earnings surged by 17%
Flag carrier Philippine Airlines (PAL) saw its earnings from January to September jump by 17 percent, mainly propelled by the implementation of its strategic and long-term endeavors.
PAL Holdings Inc., parent of the air carrier, said in a disclosure the nine-month bottom line reached $159 million or P9 billion this year from P6.8 billion previously.
In the same period, capital expenditures jumped by 16.2 percent to $308 million from $265 million.
In the third quarter alone, the Lucio Tan-led airline recorded a 62-percent boost in profit, which was pegged at $22 million.
Revenues for the September quarter totaled at $755 million, a 3-percent rise driven by an increase in cargo demands and flight operations amid steady passenger traffic.
PAL saw passenger revenues rise 1 percent to $632 million while ancillary income revved up to 25 percent, buoyed by seat upgrades and baggage fees.
Meanwhile, third-quarter cargo revenues grew by 2 percent to $42 million thanks to a higher volume.
The airline’s daily operating costs rose to 2 percent, amounting $719 million. This was attributed to higher airport and third-party charges as well as depreciation.
Earnings before interest, tax, depreciation, and amortization jumped by 28 percent to $140 million.
To cater to the anticipated travel demands, PAL recently added international flight schedules to Australia, Japan and the United States in anticipation of the holiday travel peak.
The firm recently tied up with international carrier Southwest Airlines, making transoceanic flights convenient through single-ticket journeys.
Locally, PAL has also recently launched Cebu-Calbayog routes, bringing the Visayas region travelers closer to their destinations.
“As we move forward with our strategic and long-term initiatives, we remain focused on delivering value to stakeholders, strengthening our financial position, elevating the passenger experience, and ensuring the highest standards of safety in all our operations,” said Richard Nuttall, president of PAL.
As of end-September, PAL flew 3.8 million passengers routed domestically and internationally.
To widen the capacity and modernize its fleet, PAL has begun the deployment of refurbished Airbus A321ceo aircraft, upgraded with entertainment screens across all cabins.
These aircraft will serve routes to Tokyo, Osaka, Jakarta, Bali and Guam by the end of the year.
