MacroAsia incurs P1.8-B loss in 2020

Lucio Tan’s MacroAsia Corp. incurred a net loss of P1.8 billion last year, a reversal of the P1.19 billion net income posted in 2019, as the pandemic weighed heavily on its aviation-related business units.

Consolidated revenues of the company plummeted to P2.26 billion from P6.17 billion the previous year.

Decline in demand for air travel as a result of the pandemic pulled down the firm’s catering segment revenue by 67 percent to P950.9 million from 2019’s P2.91 billion.

Ground-handling and aviation services revenues also plunged 63 percent to P1.04 billion as flights handled declined 63 percent year-onyear.

Revenues from water operations posted a 36 percent decrease to P221.42 million from P347.6 million on the back of the downturn of commercial water sales in Boracay due to tourism closure, alongside the termination of the bulk water supply contract of SUMMA in Marilao, Bulacan.

MacroAsia said its water businesses in other areas grew significantly, but such growth was not enough to offset the significant drop in billed volume in Boracay and Marilao.

“The group’s aviationrelated business units continue to be impacted by the global downturn in air travel due to COVID-19. Being an archipelago, air travel in the Philippines is expected to recover faster, compared to countries without a domestic travel market,” the company said.

MacroAsia said Lufthansa Technik Philippines (LTP), a joint venture with Hamburgbased Lufthansa Technik AG, would continue its facility expansion program in Pasay City by completing the shell of a multi-purpose wide-body hangar this year as it anticipates the return of business volumes to normalcy within the next two years.