MANILA, Philippines — Flag carrier Philippine Airlines (PAL) is expected to finish 2024 with lower profit following last year’s record financial performance.
“Definitely it will be lower than last year,” PAL president and chief operating officer Stanley Ng said when asked if the company would be able to end the year with a higher profit.
In 2023, PAL registered a net income of P21 billion, the highest in its history, excluding any one-off restructuring benefits.
From January to September, however, PAL has generated a net income of P8 billion, with third quarter earnings amounting to P812 million.
Ng earlier said as market conditions normalize, PAL is 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.
PAL was able to carry 11.7 million passengers during the first three quarters, up six percent year-on-year, generating P134 billion in revenues.
Meanwhile, Ng said that PAL is still hoping it would be able to launch direct flights to India.
“India, we’re still looking into that,” he said.
PAL earlier said it is exploring the possibility of launching direct flights to India to capture the emerging demand for connections to South Asia.
PAL operates scheduled nonstop flights out of hubs in Manila, Cebu, Clark and Davao to 32 destinations in the Philippines and 36 destinations in Asia, North America, Australia and the Middle East.
The airline has teamed up with Collins Aerospace for the installation of Pinnacle main cabin seats on the airline’s narrow-body aircraft.
The Pinnacle main cabin seat provides enhanced passenger comfort and modular design, balancing durability with optimized living space and modern passenger amenities.
“Philippine Airlines is proud to partner with Collins Aerospace in this initiative. This collaboration aligns with our commitment to supporting local industry while ensuring our passengers enjoy the highest standards of comfort and safety,” Ng said.
“Being the first airline in the country to install locally made seats adds a special significance to our fleet enhancement program,” he said.