Close  

MacroAsia profit down on nonrecurring charges

/ 05:10 AM August 16, 2018

Lucio Tan’s MacroAsia Corp., which provides support services in the aviation sector, saw lower earnings in the first half of 2018 due to non-recurring charges.

The company said in a stock exchange filing that net income from January to June this year hit P551 million, down 18 percent from the same period in 2017.

ADVERTISEMENT

It cited “accounting provisions” this year for insurance items and non-operating charges earlier booked by Lufthansa Technik Philippines (LTP), its aircraft maintenance venture with Germany’s Lufthansa Group. The total amount was $6.3 million (337 million), which weighed on LTP’s bottomline.

MacroAsia noted that its core earnings rose 6 percent to P572 million. Revenues during the first half were up 16 percent to P864 million.

Gains were led by groundhandling unit Mascorp, which saw a 39.5-percent increase in revenue to P642 million.

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: lower earnings, Lucio Tan, MacroAsia Corp., non-recurring charges
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.