Philippine Airlines [PAL 5.24, down 1.1%; 673% avgVol] [link] posted a Q3 net income of P789 million, down 82% y/y from its Q3/23 net income of P4,278 million, and down 70% q/q from its Q2/24 net income of P2,590 million. On a 9M basis, PAL’s net income was down 58% to P8,075 million. PAL declined to comment specifically on its Q3 results, but in a press release contextualized the huge drop in 9M profitability on a 3.68% drop in passenger revenues to P115.66 billion (down from P120.08 billion). PAL said that its passenger volume increased by 6.4% to 11.71 million passengers, but that its “yield per passenger” dropped by 6.9% (not nice) “due to increased competition in the market.” The Tan Family’s airline noted higher cargo and ancillary revenues, but also higher consolidated operating expenses, which increased 9.5% to P109.7 billion. PAL attributed this increase to an uptick in round-trip flights, and maintenance expenses, which increased 12% to P17.5 billion. PAL President and COO, Stanley Ng, is quoted in the press release as saying, “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.”