AVIATION logistics firm MacroAsia Corp. tripled its profit in the second quarter to P372 million from a year ago on the back of top line growth across its aircraft maintenance, repair, food, and ground handling businesses.
In a statement released on Friday, MacroAsia said second quarter profit rose 194% from just P126 million during the same period in 2016.
The latest earnings results brought the first-half tally to P673 million, almost triple last year’s P236 million, and already eclipsing 2016’s full-year P440-million consolidated net income.
Lufthansa Technik Philippines (LTP), where MacroAsia has a 49% stake, “has seen robust revenue growth from foreign airline clients in heavy base maintenance for wide-body aircraft such as Airbus A380s being repaired in the LTP facility in Pasay City,” the statement read.”
Top line growth was also boosted by “line maintenance activities for Philippine Airlines, as well as foreign airlines,” at the Ninoy Aquino International Airport (NAIA), and airports in Cebu, Clark and Davao.
As Lufthansa has an existing 10-year contract to repair the entire Airbus A380 fleets of Qantas Airways and has a five-year contract for the maintenance of British Airways’ A380 fleet, the listed company said that the LTP workload for its facility in NAIA is “thus assured in the medium-term.”
MacroAsia said that ground handling revenues through MASCORP, its 100%-owned ground handling subsidiary, are projected to increase by more than one-third this year, with MASCORP expanding its presence from seven airport locations in December 2016 to its current 23 airport locations.
Higher revenues were also derived from institutional accounts and more airline meal sales compared to the same period last year, as well as from its water concession business. — PPCM