Philippine Airlines (PAL) has announced a net income of US$122 million for the first half of 2024, driven by increased passenger volume, cargo services, and ancillary operations. The flag carrier reported total consolidated revenues of US$1.6 billion during this period.
PAL expanded its flight operations by 11%, transporting 7.9 million passengers across its international and domestic network, marking a 13% increase compared to the first half of 2023. This growth mirrors the overall rise in air travel, with Manila’s Ninoy Aquino International Airport (NAIA | MNL | RPLL) also experiencing a 13% surge in passenger volume. In addition, PAL’s Mabuhay Miles lifestyle program reached a new milestone, growing to six million members.
The airline’s operating income for the first half of the year stood at US$182 million, aligning with expectations as the market normalizes following the surge in travel demand seen in 2023.
Capital expenditures rose to US$157 million, primarily allocated to aircraft purchases, maintenance, and cabin upgrades, as PAL continues to focus on maintaining operational integrity and enhancing the quality of its services.
For the second quarter of 2024, PAL generated revenues of US$787 million, a slight 4% decrease from the same period in 2023, reflecting yield pressures due to the increased market capacity. The airline’s operating income for Q2 was reported at US$64 million, impacted by higher costs associated with increased flying and maintenance activities. PAL’s net income for the quarter was US$41 million.
PAL continues to operate the largest network of nonstop flights between the Philippines and the United States, serving major cities such as Los Angeles, San Francisco, New York, Honolulu, and Guam. Seattle will join the network in October as PAL’s sixth U.S. destination and eighth in North America.