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APRIL 2024

Week 14


PAL Holdings doubles net profit in fiscal 2023

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April 3rd 2024

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PAL Holdings, parent of Philippine Airlines, has reported a net profit of 16.8 billion peso (US$298 million) for full-year 2023, more than double the 8.1 billion peso net profit it booked in the previous year. Read More » Revenue increased 28.6%, to 179.1 billion peso, PAL Holdings said in a regulatory filing. The 2023 results were underpinned by a “robust increase in operations” and a rebound in domestic and international passenger traffic, the group said. “I laud the strategic approach of PAL’s 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 adopted a transformation mindset that benefits the company and its customers.” Philippine Airlines (PAL) chief operating officer, Captain Stanley Ng, said: “To preserve the gains we have achieved, we must not rest on our laurels. PAL’s corporate transformation continues.”

In other PAL news, the Filipino flag carrier will start nonstop three times a week Manila-Seattle, flying 777-300ERs, next October 2. It will be the only Philippines carrier to operate between the two cities.

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