PAL Holdings Inc., which operates flag carrier Philippine Airlines, saw a 92% growth in its 2023 bottom line, as the company saw a double-digit increase in flights mounted during the period.
In a regulatory filing, PAL said its net income rose to $379 million from $197 million in the previous year, which it attributed to the growth in operations and passenger traffic both internationally and domestically.PAL said it operated 105,294 flights carrying 14.7 million passengers in 2023, up from the 77,533 fights in 2022 which carried 9.3 million passengers.Revenues increased by 37% to $2.9 billion from $2.
Its reorganization plan — approved by the US restructuring Court in December 2021 — provided for over $2.0 billion in permanent balance sheet reductions from existing creditors, improvements in its critical operational agreements, and additional liquidity including a $505-million investment in long-term equity and debt financing from PAL’s majority shareholder.
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