Macroasia swings back to profit due to increased flights

Aircraft maintenance provider MacroAsia Corp. erased its losses after booking a net income in the first half, buoyed by increasing flight activities amid the easing of travel restrictions.

In a disclosure on Friday, the listed company reported that the net income attributable to equity holders of the company reached to P64.84 million during the first semester, a turnaround from P524.49-million net loss in the same period last year.

Inflight and other catering revenues, which accounted for 43 percent of the top-line figures, grew by more than threefold to P775.42 million in January to June. It served 5.6 million meals during the period, a significant increase from just 1 million a year ago.

Revenues from ground handling and aviation services rose by 54 percent to P776.57 million for the period from last year’s P504.63 million given the improving flight volume in the airports.

The number of flights handled by MacroAsia rose by 75 percent to 56,447 in the first half.

“Domestic travel volumes in and out of Manila has already reached prepandemic levels, while international travel volumes are slowly ramping up as more airlines increase their flight schedules,” MacroAsia noted.

The company said they were also constantly monitoring passenger loads and flight frequencies of airlines as these were the “two most important factors that affect the revenue levels of the group’s operating units,” which are involved in catering, ground handling and line maintenance.

Better commercial water sales in Boracay, which has been receiving more guests with the easing of mobility restrictions, led to its water segment revenues growing by 137 percent to P229.7 million in the first half.

Its aviation training school, meanwhile, saw revenues amounting to P19.3 million in the first semester, showing a 167-percent growth.