MacroAsia’s net profit surges 146% to B from revenues

MacroAsia Corporation (MAC) reported a 146 percent surge in net income to R1.1 billion last year from its 2016 net income of R440 million.

In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues jumped 26 percent to R2.9 billion while earnings before interest, taxes, depreciation and amortization (EBITDA) (equity earnings from Lufthansa Technik Philippines included) ended at R1.3 billion, more than double the R642 million in 2016.

“The strong operational results were driven by the continuing growth of core aviation services businesses, namely 49 percent-owned LTP, whollyowned MacroAsia Airport Services Corporation (MASCORP) and 67 percent-owned MacroAsia Catering Services (MACS).

MAC’s venture into the water supply and concession business has also started to pick up, coming from 2016 as an operational startup year.

In 2017, LTP’s total revenues rose 25 percent to US$255 million, of which US$153 million are core revenues. LTP’s 2017 net income grew by 76 percent to US$37.5 million, from US$21.3 million in 2016.

MACS’ revenues increased by 7 percent to R1.5 billion in 2017. The company is the preferred airline caterer of foreign airlines in NAIA, as it services most of the major foreign airlines flying into NAIA.

MASCORP’s revenues grew by 52 percent to R1 billion, from R679 million in 2016. The growth is mainly due to the increased number of airports being served.

From seven airport locations in 2016, MASCORP ended 2017 by serving Philippine Airlines in 27 airport locations within the country and is expected to continue to operate in more locations in 2018.