PAL Holdings Inc. (PHI) on Friday reported a net income of P7.16 billion for the first half, a decline of 48.1 percent from P13.80 billion a year earlier, due to higher expenses incurred from more flights.

Revenues grew to P90.92 billion, an increase of around 4 percent than last year's same period total of P87.45 billion, due to more passengers and ancillary earnings.

PAL expanded flights by 11 percent, flying 7.9 million passengers across its international and domestic network, up by around 12 percent from 7.03 million year on year.

Revenues from passengers totaled P79.84 billion, up by 2 percent from P78.24 billion. Cargo earnings rose to P4.12 billion from P3.81 billion.

Ancillary revenues hit P6.89 billion, from P5.37 billion, due to higher ticket rebookings and seat upgrades.

Profits from other sources tallied P58.19 million from P31.98 million, attributed to aircraft operating lease arrangements.

PAL said capital expenditures amounted to P8.99 billion ($157 million), mostly spent on aircraft purchases, maintenance and cabin upgrades.

PHI's Friday share price went up by P0.06 to close at P5.20 per share.