MANILAcrown89, Philippines — The Philippine Airlines (PAL) said it has achieved a net income of P812 million and an operating income of P1.6 billion in the third quarter of 2024 alone.

According to PAL in a statement, these incomes mark the airline’s 11th consecutive quarter of positive financial results since the COVID-19 pandemic.

PAL also announced that for the first nine months of 2024, it generated an income of P8 billion, with a net operating income of P12 billion.

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The airline said it also carried 11.7 million passengers from January to September, generating P134 billion in revenues, which is a 6 percent growth from the same period last year.

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However, PAL noted that the figure represented a reduction of 4 percent compared to the same period in 2023, as “significant industry capacity growth impacted yields.”

READ: PAL losses swelled to P71.8B in 2020

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Operating expenses also increased by 7 percent to P122 billion, with PAL attributing it to the rise in costs of aircraft ownership, maintenance, and airport handling charges.

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The airline also noted an increase in capital expenditures at P 15 billion, a substantial portion of which will be dedicated to major maintenance requirements of its aircraft and engines and enhancements.

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“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 PAL president and Chief Operating Officer Stanley Ng.

“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 added.

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Meanwhile, PAL also announced its plans to resume its Clark-Siargao flights starting December 3 in preparation for the holiday season.

PAL will also resume its Cebu-Osaka flights on December 22, as well as open the new Manila-Cauayan route starting January 15.

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Last October 2crown89, PAL also launched its new Manila to Seattle route.

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