| PHOTO: Official website of MacroAsia Corporation
Listed aviation-support provider MacroAsia Corp.’s consolidate net income in the first half surged by 122 percent to P849.1 million from P382.2 million in the same period last year, driven by growth in its revenue and contributions from its associates.
In the second quarter alone, net income increased to P512.06 million, zooming by 175.04 percent from the P186.18-million income in the previous quarter.
“Revenue growth was driven by strong performance across all business units,” the company said in a disclosure on Wednesday.
READ: MacroAsia profit surged 64% in 2023
Revenues from in-flight and other catering, which accounted for 45 percent of the company’s total revenue, jumped by 14 percent to P2.15 billion from P1.88 billion.
This accounts for 11.56 million meals sold during the period.
Revenues from ground handling and aviation reached P2.19 billion, a 48-percent surge from the P1.49 billion booked in the previous year. This translates to 98,026 flights during the first half.
Meanwhile, water operations recorded a revenue of P327.13 million, reflecting a 14-percent increase from P286.42 million due to increased volume in water concession accounts.
“Despite a 22-percent increase in total direct costs, amounting to P3.44 billion, the growth rate of these costs remained lower than the rate of revenue growth, underscoring the company’s effective cost management strategies,” MacroAsia said.
The company’s net earnings from its associates ballooned by 157.3 percent to P349.69 million from P135.89 million last year. This was mainly driven by its joint venture in aircraft maintenance, repair, and overhaul through Lufthansa Technik Philippines (LTP).
MacroAsia’s share in LTP amounted to P290.24 million or 49 percent.
Other contributing associates include Japan Airport Service Co., Ltd., based in Narita, Japan, and Cebu Pacific Catering Services in Mactan, Cebu.
Revenues from its water businesses also increased by 14 percent to P327.13 million from P286.42 million.
MacroAsia’s food division is expanding its commissary outside the airport as its five-year-old facility in Muntinlupa City approaches full capacity due to rapid client growth.
Meanwhile, LTP has announced ongoing studies to expand in Clark, Pampanga, to help meet the increasing global demand for heavy repair services on wide-body aircraft.
On Wednesday, shares in MacroAsia closed at P4.90 apiece. INQ