Philippine Airlines (PAL) said Tuesday its net income fell 86.7 percent to $13 million in the third quarter of 2024 from $98 million in the same period last year.
This brought PAL’s total profit in the first three quarters to $135 million, also down from $348 million a year ago.
PAL said it carried 11.7 million passengers in the first three quarters of 2024, a 6-percent growth from the same last year. Revenues amounted to $2.3 billion, down 4 percent from the same period in 2023 as thje significant industry capacity growth impacted yields.
“The latest net income report reflects our ongoing focus on investments to ensure higher level products and services for our customers—building up our fleet, upgrading our cabins, rolling out digital innovations and refining a high-performance culture for our teams,” said Captain Stanley Ng, PAL president and chief operating officer.
“As market conditions normalize, we are continuing to see a moderation in growth and a more challenging business environment where rising costs exert greater pressure on the economics of airline operations,” he said.
