PAL profit doubles in March quarter

Philippine Airlines (PAL) more than doubled its profit in the first quarter with the reopening of Chinese routes and introducing a host of new destinations.  PAL Holdings, parent of Philippine Airlines recorded a 155% jump in net income to P4.51 billion from January to March compared with P1.77 billion in the same period last year. PAL’s revenue jumped by 79 % to P42.21 billion, outpacing the 59% rise in expenses to P34.68 billion fueled by high inflation. In Q1 of 2023, the airline doubled its passenger earnings to P37.62 billion and also grew ancillary income by 36% to P2.62 billion.