PAL Holdings posts H1 revenue of PLN 7.16 billion

PAL Holdings Inc. (PHI) on Friday reported net income of PHP7.16 billion for the first half of the year, down 48.1 percent from PHP13.80 billion a year earlier, hit by higher costs related to a larger number of flights.

Revenue rose to PHP90.92 billion, up about 4 percent from the same period last year when it stood at PHP87.45 billion, driven by higher passenger numbers and additional profits.

PAL increased its flight capacity by 11 per cent, carrying 7.9 million passengers across its domestic and international network, up around 12 per cent from 7.03 million year-on-year.

Passenger revenues totaled P79.84 billion, up 2 percent from P78.24 billion. Freight earnings rose to P4.12 billion from P3.81 billion.

Ancillary revenue increased from PHP5.37 billion to PHP6.89 billion, driven by increased ticket re-bookings and seat upgrades.

Earnings from other sources amounted to PHP 58.19 million compared to PHP 31.98 million, which was attributed to aircraft operating lease agreements.

PAL said capital expenditure amounted to PHP8.99 billion (USD157 million), mainly for aircraft purchases, maintenance and cabin modernization.

PHI stock price rose by PHP0.06 on Friday to close at PHP5.20 per share.