MANILA, Philippines - Listed in-flight service provider MacroAsia Corp. reported a slight drop in consolidated net income during the first quarter of the year to P119.57 million on higher operating expenses and foreign exchange losses.
In a financial report submitted to the Philippine Stock Exchange (PSE), MacroAsia said the group incurred foreign exchange losses of P1.31 million, significantly higher than the P886,000 recorded a year earlier. The average rate of the peso against the dollar fell from 47.63 to 45.74 as of March 31 this year.
The profit decline was offset by higher revenues generated from the in flight catering services and higher share in the net income of its associates which grew 51.95-percent from the previous level.
Total revenues went up 3.68 percent to P277.85 million. Of the total, P188.21 million came from in-flight catering service, accounting for a 15.3-percent growth from the year ago’s P163.21 million on higher sales of beverages as a result of the increased number of flights and passenger count. Higher number of meals served for the quarter as compared to last year also contributed to the increase.
Revenue from rental and administrative fees remained almost at the same level because lease rental is being accounted for on a straight line basis over the lease term, in compliance with Philippine Accounting Standards (PAS) 17.
Charter flight revenues, on the other hand, declined by 14.65 percent to P3.07 million million due mainly to the fact that the helicopter still had to undergo some scheduled repairs and maintenance.
Direct costs rose two percent to P198.96 million while general and administrative expenses expanded by 21.69 percent.
As of March 31, 2010, the group had total consolidated assets of P132.18 million and cash of P674.3 million.
MacroAsia provides aircraft maintenance, repairs and overhaul (MRO) services, charter flight services, airport ground handling services and in_flight catering services and operates a special economic zone at the Ninoy Aquino International Airport (NAIA). All subsidiaries and associated companies of render services directly to the airline customers/locators at NAIA, Manila Domestic Airport (MDA), Mactan-Cebu International Airport (MCIA) and Davao International Airport.