More flights lift MacroAsia income by 122%
With the aviation sector continuing its recovery, aircraft support company MacroAsia Corp. has sustained its momentum in the January to September period after growing its net profits by more than twofold.
In its financial disclosure, the listed company reported that net income attributable to the parent company soared by 122 percent to P578.77 million at end-September from P249.55 million a year ago.
Revenues climbed by 79 percent to P5.73 billion, with a big chunk coming from in-flight and other catering businesses. This segment doubled revenues to P2.94 billion after the company served 17.02 million meals to airline passengers.
Ground-handling and aviation service revenues improved by 70 percent to P2.26 billion. MacroAsia handled 134,750 flights, 43-percent higher from 94,336 a year ago.
With bigger demand for aircraft maintenance, repair and overhaul services, Lufthansa Technik Philippines (LTP), MacroAsia’s joint venture with Germany-based Lufthansa Technik AG, is planning to put up a P15-billion hub in Clark, Pampanga by 2026. It is currently based in Ninoy Aquino International Airport.
LTP president and CEO Elmar Lutter previously said they needed to find a new location for operations given the optimistic outlook for the aviation sector.
The Clark facility is being planned to be rolled out in two phases, with the first one designed to handle two aircraft at a time. The second phase would be built with a capacity for six planes.
Groundbreaking was slated for 2024, while construction would be completed in the next two years. LTP is currently securing regulatory approvals. The expansion plan came after it inaugurated a 9,000-square-meter hangar in Pasay last year.
The facility, which added three lines to its existing seven base maintenance lines, services commercial aircraft of short- to long-haul capacities, such as Airbus jets A320, A330, A380 and Boeing 777.
S&P Global Ratings had said that passenger traffic in the Asia-Pacific would return to prepandemic levels over the next 12 to 18 months.
The Ninoy Aquino International Airport saw passenger volume grow by 59 percent to 33.76 million from January to September. This is already 95 percent of prepandemic levels. INQ