MacroAsia profit down on nonrecurring charges

Lucio Tan’s MacroAsia Corp., which provides support services in the aviation sector, saw lower earnings in the first half of 2018 due to non-recurring charges.

The company said in a stock exchange filing that net income from January to June this year hit P551 million, down 18 percent from the same period in 2017.

It cited “accounting provisions” this year for insurance items and non-operating charges earlier booked by Lufthansa Technik Philippines (LTP), its aircraft maintenance venture with Germany’s Lufthansa Group. The total amount was $6.3 million (337 million), which weighed on LTP’s bottomline.

MacroAsia noted that its core earnings rose 6 percent to P572 million. Revenues during the first half were up 16 percent to P864 million.

Gains were led by groundhandling unit Mascorp, which saw a 39.5-percent increase in revenue to P642 million.