MacroAsia income soars by 340%

With more flights mounted, aircraft support company MacroAsia Corp. saw its net earnings grow by more than four times in the first half.

The Lucio Tan-led company reported that net income attributable to the parent company soared by 340 percent to P285.77 million in the first semester from P64.84 million in the same period a year ago.

In-flight and other catering businesses, the main driver of revenues with a 51-percent contribution, saw the number improve by 143 percent to P1.88 billion. It served 11.11 million meals in the first half, showing a 552-percent growth from 5.62 million in the previous year.

Revenues from groundhandling and aviation services, meanwhile, nearly doubled to P1.49 billion as flights served increased by 57 percent to over 88,400.

“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.

With domestic flights reaching prepandemic levels and international flights fast catching up, the company said it has been “expanding its capacity to meet the airport requirements, although cash conservation and cost-control measures are key strategies that guide the expansion.”

Further, the company’s aviation training school contributed P38.48 million, nearly double the revenues it registered in the same period last year. INQ