Aviation service firm MacroAsia Corp. earned last year $14.7 million from the operations of aircraft maintenance provider Lufthansa Technik Philippines (LTP), doubling its share recognized in 2016.
LTP, a joint venture between MacroAsia and Germany’s Lufthansa Technik AG, declared $30 million in cash dividends last Feb. 9, twice as large as the cash dividends declared the previous year.
Based on a disclosure to the Philippine Stock Exchange, MacroAsia’s share in this dividend declaration is $14.7 million corresponding to its 49-percent stake. The German partner owns the remaining 51 percent of LTP.
Last year, the cash dividend declared by LTP amounted to $15 million, up from $2 million in 2016. MacroAsia’s share in dividends in the comparative year thus amounted to $7.5 million compared to $980,000 in the previous year.
LTP was incorporated in December 1999 to undertake aircraft maintenance, repair and overhaul (MRO) for local and foreign carriers. It operates out of Ninoy Aquino International Airport, Diosdado Macapagal International Airport (Clark), Mactan Cebu International Airport and Davao International Airport.
The company has been registered at the Philippine Economic Zone Authority (PEZA) as an economic zone locator since 2000, the same year when it started its commercial operations. Since then, it has established a track record in Airbus 380 repair. LTP has also completed a Boeing 777 base maintenance capability buildup. —DORIS DUMLAO-ABADILLA