PAL to focus on expanding route network, fleet this year
FLAG carrier Philippine Airlines (PAL) said it remains focused on expansion initiatives to meet market demand and contribute to the tourism industry’s development.
“We are aware of potential economic headwinds in global markets but we remain focused on growing our route network and our fleet progressively to meet market demand and support the tourism industry,” the airline said in a statement to BusinessWorld on Saturday.
PAL is confident about its long-term growth prospects, the airline also said, adding that this trajectory will be supported by its growing route network and an additional fleet.
“PAL and PAL Express are committed to continually improving passenger service and operational efficiency through digital transformation and greater connectivity in our existing hubs in Manila, Cebu and Davao.”
The company is preparing for the arrival of its new aircraft next year, which will include long-range Airbus A350-1000s.
The attributable net income of PAL Holdings, Inc., the listed operator of flag carrier Philippine Airlines (PAL), increased by 33.3% to P4.28 billion in the third quarter from a year earlier. Consolidated revenue rose by 16.7% to P47.13 billion.
Its nine-month attributable net income more than doubled to P15.16 billion.
Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc. said that airlines are projected to witness “enhanced” profitability in 2024 mainly by passenger revenues.
“Passenger revenues are anticipated to grow in 2024, potentially exceeding double the pre-pandemic growth trend,” Mr. Arce said in a Viber message.
The Philippines recorded 5.45-million international visitors in 2023, surpassing its 4.8-million target, the Tourism department said. This year, the agency is targeting 7.7-million visitors. — Ashley Erika O. Jose
