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PAL Holdings profit takes hit in interim 2024
August 13th 2024
PAL Holdings, parent of Philippine Airlines (PAL), has reported a net profit of 6 billion peso (US$104 million) for the six months to June 30, 45.2% down from its 10.9 billion peso profit in the same months a year ago. Read More » Revenue increased 2%, to 79.8 billion peso, PAL Holdings said in a regulatory filing, and added the results were in line with expectations in a “normalising market environment” compared with the travel demand surges of 2023. “Philippine Airlines remains on track in its transformative strategy as we fulfil our mandate as flag carrier, the country’s only full-service airline with the airline with the largest network,” PAL Holdings president and chief operating officer, Lucio C. Tan III, said. PAL president and chief operating officer, Captain Stanley Ng, added: “As the industry re-balances between demand and capacity and continues to face cost and supply chain challenges, we are implementing a disciplined investment plan to upgrade our fleet and continue our digital transformation.”
