] reported a FY23 net income of P21.2 billion, up 105.5% from its FY22 net income of P10.4 billion. Full-year revenues were up 29% to P179 billion, outpacing a 23.9% increase in operating expenses to P122 billion. The increases were driven by “the rising demand for air travel”, as evidenced by the 5.37 million increase in PAL’s FY23 passenger volume to 14.7 million and an increase in PAL’s passenger load factor from 72.0% in FY22 to 80.8% in FY23. Flights operated were up 36% to 105,294.
A lot of credit needs to go to Lucio Tan for putting so much of his own cash on the line to save the airline from being devoured by creditors, and to the subsequent generations of the Tan clan for overseeing a recovery that was anything but guaranteed. Sure, the rising tide of domestic and international air travel will float all boats, but PAL wouldn’t be in this situation if the company didn’t take hitting that RESET button after COVID so seriously.
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