Back to the skies: PAL, Cebu Pacific earn big off revenge travel in 2023

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After withstanding pandemic pains, Philippine Airlines earns a record-high net income and Cebu Pacific finally returns to full-year profit in 2023

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More flights also meant more passengers, with PAL carrying a total of 14.7 million passengers in 2023 – 58% higher than 2022 figures – at a passenger load factor of 80.8%. As a result, passenger revenues soared to $2.9 billion in 2023 from $2.1 billion in 2022, a 37% increase. Total net revenues, which also includes cargo and ancillary revenues, reached $3.2 billion .

“Revenge travel, it’s hard to give a percentage. But that definitely helped. It’s still a factor,” Ng told Rappler on Tuesday, April 2. “The demand is still there. It’s still strong.”“A big part of it is the surge in demand that was sort of contained because of the pandemic. But I would say also the profit has improved because of the restructuring done by PAL,” Anna Isabel Bengzon, PAL senior vice president and chief financial officer, told reporters on Tuesday.

Overall, revenue growth outpaced costs as operating margins improved to 15% in 2023 from 12% in 2022. Total operating expenses rose to $2.7 billion , with fuel costs being the biggest, eating up 31% of revenues.said it would use 2023’s record profits to “strengthen its global and local network, upgrade its aircraft fleet, and introduce new and improved products and services.

Source: Holiday News (holidaynews.net)

 

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