MacroAsia’s turnaround seen sustainable
Aircraft maintenance provider MacroAsia Corp. expects to maintain profitability for the rest of the year given the anticipated pickup of economic activities in the last quarter.
Eduardo Luis Luy, MacroAsia president and chief operating officer, recently told the reporters in an event that their full-year financial standing was looking “good” if “all goes according to the plan.”
“Barring anything extraordinary, I’d like to think that based on the last time we discussed as a group, it will be a relatively good year for us,” he said.
The conglomerate’s net income attributable to parent company equity holders reached P64.84 million in the first half, a turnaround from P524.49 million net loss in the same period last year.
Revenues from ground-handling and aviation services rose 54 percent to P776.57 million for the period from last year’s P504.63 million given the improving flight volume in the airports.
Its joint venture unit with Lufthansa Technik AG, Lufthansa Technik Philippines (LTP) is banking on the resurgence of air travel in the second half given the easing of mobility restrictions. The aircraft maintenance, repair and overhaul industry is also seen benefiting from the seasonal increase in economic activities during the holidays.
LTP vice president Stefan Yordanov earlier said that people were keen to travel after being locked down for a long time, which bodes well for the sector.
In August, LTP opened a new hangar, which added three lines to its existing seven-base maintenance lines. It employs at least 275 more workers.
The hangar can service commercial aircraft of short- to long-haul capacities, such as Airbus jets A320, A330, A380 and the Boeing 777. •INQ
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