Philippine Airlines (PAL) recorded a net income P11 billion in 2023, or a 92-percent increase over the $197 million logged in 2022.
PAL said its 2023 net income improved due to a robust increase in operations and passenger traffic, both internationally and domestically, which hit their records historically.
“I express my profound thanks for the support and loyalty of our valued passengers and assure them of our unstinting focus on taking care of them when they fly with us. I laud the strategic approach of our management team in navigating industry challenges," PAL Holdings President and Chief Operating Officer Lucio C. Tan III said.
"Our greatest resources are our people in the PAL Group who have stood resilient and have adopted a transformation mindset that benefits the company and its customers,” he added.
PAL said its total net revenues, including cargo and ancillary revenues, grew by 27 percent to around P181 billion ($3.20 billion) in 2023 from P139 billion ($2.60 billion) in 2022.
It operated 105,294 flights in 2023, which is a 36-percent growth from the 77,533 in 2022. This resulted in PAL carrying 14.7 million passengers in 2023, a 58-percent increase from the 9.3 million passengers in 2022.
Philippine Airlines said it plans to capitalize on its increased resources as it continues to strengthen its global and local network, upgrade its aircraft fleet and introduce new and improved products and services in the coming years.
“To preserve the gains we have achieved, we must not rest on our laurels. Philippine Airlines' corporate transformation continues, as we are taking in new aircraft, retrofitting cabins of current aircraft, upgrading airport lounges and introducing more product innovations to address our strategic, financial and operational needs across all areas of our operations," Philippine Airlines President and Chief Operating Officer Captain Stanley K. Ng said.
"Our focus is set firmly on taking care of our customers. We will work collaboratively with government authorities and our service partners to build up our network and take the nation’s flag carrier to new heights in the coming years,” he added.
