MacroAsia returned to profitability in 2022

MANILA  -Aircraft support provider  MacroAsia Corp. returned to profitability last year, due to resurgence of air travel that boosted its maintenance, repair and overhaul (MRO) business, ground handling services and airline catering businesses.

In a disclosure on Monday, the listed company reported that it registered a net income of P461.43 million last year, a turnaround from a net loss of P150.92 million in 2021.

Consolidated revenue grew by 151 percent to P4.88 billion for the period.

“The favorable operating conditions of MacroAsia’s subsidiaries and affiliates in 2022, as well as the success of the drive to grow the group’s non-airline business units resulted in a strong topline growth,” the company said.

MacroAsia said the easing of mobility restrictions has been allowing more travel and a rebound in tourism activities.

https://business.inquirer.net/357224/macroasia-swings-back-to-profit-due-to-increased-flights

“As the world slowly stepped out of measures related to COVID-19 that constrained travel, MacroAsia saw domestic travel volumes in 2022 climb to prepandemic levels, with international travel trailing closer to 2019 prepandemic level,” the company added.

As of end-December 2022, its total assets stood at P11.5 billion.

Last month, MacroAsia announced the acquisition of P120 million worth of catering and ground support equipment from airport equipment manufacturer Weihai Guangtai Airport Equipment Co. Ltd as it gears up for the projected recovery of the airline sector. The Chinese company is looking at possibly establishing an after-sales office in the country with MacroAsia as its partner.

Lufthansa Technik Philippines (LTP)— a joint venture of MacroAsia and  Lufthansa Technik AG—inaugurated a 9,000-square-meter hangar in Pasay last year.

https://business.inquirer.net/380554/lufthansa-technik-upbeat-about-mros-2023-prospects

The hangar, 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 the Boeing 777.

LTP vice president for finance, strategy and corporate projects Stefan Yordanov, in a previous interview with the Inquirer, said they were expecting double-digit volume growth for the MRO operations this year.

“For our base maintenance operations with new capacities in place we look to achieve about 30 percent more volume growth compared to 2022, coming from our traditional customers from Asia Pacific, Europe and Middle East,” he said earlier.