Official website of MacroAsia Corporation
MANILA, Philippines — Aircraft maintenance service provider MacroAsia Corp. nearly doubled its full-year profits to P851.1 million in 2023 as the aviation sector maintains its flight to recovery following the easing of pandemic lockdowns.
The Lucio Tan-led company, in a disclosure on Monday, reported that its top line swelled by 64 percent to nearly P8 billion.
The bulk of the revenues were accounted for by the firm’s in-flight and other catering operations, which contributed P3.98 billion, a 74-percent jump over the previous year. The number of served meals soared by 52 percent to 22.78 million for the period.
Ground handling revenues, meanwhile, rose by 53 percent to P3.14 billion last year. Higher revenue contribution was recorded after handling over 182,000 flights last year—which was 36 percent more compared to 2022.
“The continuing recovery of the aviation industry has strengthened the profitability of MacroAsia’s aviation units, considering that the key drivers of revenue growth for aviation services are increases in flights and passengers,” MacroAsia explained.
With the increase in business activities, the listed company saw its operating expenses jump by 37 percent to P1.09 billion in 2023.
READ: Lufthansa, MacroAsia eye P15-B hub in Clark
Lufthansa Technik Philippines (LTP)—MacroAsia’s joint venture with Germany-headquartered Lufthansa Technik AG—earlier announced plans to spend P15 billion for the construction of a hub in Clark, Pampanga by 2026.
Privatization
LTP is targeting to break ground for the project this year. It will be rolled out in two phases, which will enable them to service eight aircraft at a time in total.
READ: MacroAsia income soars by 340%
Meanwhile, MacroAsia also expressed a positive outlook for the upcoming rehabilitation of the congested Ninoy Aquino International Airport (Naia).
“The impending privatization of the operations of the country’s main airport—Naia—will ultimately result in more flights and passengers for the main hub as the airport facilities are foreseen to grow and become more efficient,” the company said.
On March 18, the Department of Transportation and the New Naia Infrastructure Corp. signed to green light the P170.6-billion airport rehabilitation project.
The consortium is aiming to finish a new passenger terminal in three years. It also plans to construct multipurpose buildings that will house administrative offices and car parks with 9,000 slots. INQ