Net income rose 2.6 percent to $78.55 million, even as revenues jumped 9.7 percent to $895.70 million on steady travel demand.
“[T]hese results only partially reflect the impact of the escalation in the Middle East late in the quarter, which has introduced volatility in fuel prices and disrupted parts of the global aviation network,” PAL president Richard Nuttall said in a statement on Tuesday.
“While near-term headwinds remain, we are confident in the strength of our fundamentals and are taking prudent steps to sustain our momentum,” he added.
Demand still holding
Passenger traffic reached 4.30 million, up 6.1 percent, driving an 8.7 percent increase in passenger revenues to $759.65 million.
Cargo provided an added lift, with revenues surging 22.5 percent to $43.21 million amid tight global capacity.
Costs begin to rise
Operating profit reached $101.85 million, but expenses climbed 7.1 percent as higher flying activity and fuel pressures began to show.
The airline said it is managing its network and costs to protect margins as volatility persists.
—Edited by Miguel R. Camus
