MacroAsia profit hits almost P1 billion

MANILA, Philippines —  Aviation support service provider MacroAsia Corp. pushed its profit up to nearly P1 billion in the nine months to September, propelled by the double-digit growth in its core businesses of in-flight catering and ground handling.

Based on its financial report, MacroAsia booked a net income of P975.95 million during the period, up by 69 percent from a year ago’s P578.77 million.

MacroAsia hiked its revenue by 22 percent to P6.99 billion, outpacing the 18 percent increase in expenses to P5.18 billion.

The company has grown its in-flight catering revenues by 11 percent to P3.26 billion as of September. It said its volume of meal sales went up to 17.42 million, attributed to the steady demand for air travel.

Likewise, earnings from ground handling ballooned by 37 percent to P3.09 billion, as MacroAsia saw the number of flights it served go up by eight percent to 144,884. The company also jacked up its ground handling rates for certain accounts, leading to higher income.

Outside of aviation support, MacroAsia also grew its water distribution revenues by 10 percent to P499.89 million, as the segment gained from the tourism influx in Boracay.

MacroAsia’s subsidiary, Boracay Tubi System Inc., caters to more than 40 percent of the water requirements in the island.

Further, MacroAsia started to rake in dividends from its investment in the connectivity industry, with its Tera Information and Connectivity Solutions Inc. increasing its revenues nine-fold to P43.6 million.