Philippine Airlines FY23 profit: P21.2-B (up 105%)
Philippine Airlines [PAL 5.55, down 0.9%; 29% avgVol] [link] reported a FY23 net income of P21.2 billion, up 105.5% from its FY22 net income of P10.4 billion. Full-year revenues were up 29% to P179 billion, outpacing a 23.9% increase in operating expenses to P122 billion. The increases were driven by “the rising demand for air travel”, as evidenced by the 5.37 million increase in PAL’s FY23 passenger volume to 14.7 million and an increase in PAL’s passenger load factor from 72.0% in FY22 to 80.8% in FY23. Flights operated were up 36% to 105,294. The $379 million in net income (PAL’s operating currency is US$) was the highest in PAL’s history (excluding one-off restructuring benefits).
