MacroAsia reverses losses on in-flight meal demand
Aircraft support company MacroAsia Corp. ended the first quarter in the green, thanks to robust revenue growth in in-flight catering and ground handling businesses.
The listed firm registered a net income attributable to equity holders of the parent company amounting to P151.08 million in the first three months, a reversal of P26.88-million net loss in the same period last year.
Consolidated revenues for the period more than doubled to P1.8 billion from P710.3 million a year ago.
Bulk of the topline figures were accounted for in-flight catering and food service revenues, which soared by 328 percent to P902.7 million.
“This revenue hike is brought about by the increase in meals sold, from 2.2 million in 2022 to 5.5 million meals in 2023,” MacroAsia explained.
Revenues from ground-handling and aviation services grew by more than two times to P723.8 million in the first quarter. It handled 44,056 flights in January to March, up by 89 percent from 23,274 flights a year ago.
Its water segment saw its revenues increase by 29 percent to P138 million for the period, on the back of higher commercial sales in Boracay amid the resurgence of tourism activities.
With better business volume, its total direct costs rose by over twofold to P1.38 billion.
“The group foresees that operating cash flow will increase due to higher aviation-related revenues, as airline travel is spurred by lesser mobility restrictions in various countries,” MacroAsia said.
Earlier this year, MacroAsia announced the acquisition of P120-million worth of catering and ground support equipment from airport equipment manufacturer Weihai Guangtai Airport Equipment Co. Ltd as it gears up for the projected recovery of the airline sector.
The Chinese firm is looking at establishing an after-sales office in the country with MacroAsia as its partner. INQ