PAL Holdings Inc. on Tuesday said that Philippine Airline’s total comprehensive income in the first quarter had surged 57 percent to P6.247 billion, from P3.974 billion a year earlier, on higher passenger numbers and increased cargo revenues.
Overall revenues were said to have grown 11.66 percent to P52.428 billion from P46.952 billion a year ago.
Also boosting first-quarter earnings was a turnaround in other comprehensive income, which swung to a positive P1.64 billion from a loss of P728.5 million.
PAL said it flew some 4.30 million passengers in January-March, up from 4.06 million in the previous year, boosted by post-holiday travel demand and the airline’s resilient network.
Consequently, passenger revenues grew 10.67 percent year on year to P44.851 billion amid a 7.2-percent expansion in capacity and as PAL mounted 8.4 percent more flights.
Cargo revenues, meanwhile, went up by 24.85 percent to P2.551 billion, lifted by higher cargo yields amid elevated air freight rates during the period, which offset a 2.4-percent contraction in physical freight volume.
Ancillary revenues increased by 13.28 percent to P4.933 billion due to increased take-up of unbundled services such as premium seat upgrades and prepaid baggage.
Consolidated operating expenses totaled P46.070 billion, higher by 8.94 percent from a year earlier due to increased flight activity and rising jet fuel prices amid the ongoing war in the Middle East.
PAL Holdings shares were unchanged at P3.27 apiece on Tuesday.
