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Manila Bulletin devider Business devider The Stock Market devider MacroAsia returns to profitability as air travel recovers

MacroAsia returns to profitability as air travel recovers

Published Apr 3, 2023 06:45 am


As the airline industry continues to recover, the Lucio Tan group’s MacroAsia Corporation reported a turnaround with a consolidated net income of P461.43 million millions last year from the net loss of P150.92 million in 2021.     In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues soared 151 percent to P4.88 billion last year from the P1.95 billion registered in 2021.     The favorable operating conditions of MacroAsia’s subsidiaries and affiliates in 2022, as well as the success of the drive to grow the Group’s non-airline business units resulted in the strong topline growth.     On the other hand, MacroAsia’s consolidated net income came from the contributions of its aircraft maintenance, repair and overhaul (MRO) joint-venture, airline catering and food services units, ground handling and water distribution and concession businesses.     Due to less-restrictive measures of the country and other governments in the region, travel and tourism in 2022 saw a rebound.     As the world slowly stepped out of measures related to COVID- 19 that constrained travel, MacroAsia saw domestic travel volumes in 2022 climb to pre-pandemic levels, with international travel trailing closer to 2019 pre-pandemic level.     The MacroAsia Group is in an industry that was impacted in 2020 when various airports faced passenger travel restrictions.     MacroAsia adjusted its strategic focus, growing its other businesses not related to aviation as its core airline-related business units went on standby mode. Thus, 24 percent of the topline for MacroAsia in 2022 now come from non-airline related activities.     “The momentum for MacroAsia’s revenue growth in 2023 is apparent, as the aviation services industry tracks towards strong recovery while the non-airline businesses of the Group continue to expand,” the firm said.     MacroAsia’s MRO business is through Lufthansa Technik Philippines (LTP), which is in partnership with Lufthansa Technik of Germany.     This JV operates an aircraft repair facility in NAIA, with clients ranging from local airline carriers to other airlines from other countries.     Some of its clients do not have commercial flights into the Philippines, but just send their airplanes for repair in the Philippines.     In the Manila International Airport, MacroAsia has majority-owned subsidiaries that operate an inflight kitchen for Philippine Airlines and another inflight kitchen for foreign airlines. MacroAsia is the preferred airline caterer for the major airlines in NAIA.     Outside of the airport, MacroAsia also operates a commissary that was operational a few months before the COVID-19 pandemic started early in 2020. This commissary in Muntinlupa City has evolved into becoming a significant revenue pillar for MacroAsia’s food group.     The food services staff of MacroAsia are also present in some banks and institutional clients in Metro Manila. MacroAsia has SATS of Singapore, a listed company, as its JV partner in the food group.     In ground handling, MacroAsia is present in 21 airport locations in the Philippines. MacroAsia also has a groundhandling JV in Japan, together with Konoike, a listed Japanese company.     MacroAsia’s water businesses are located Cavite, Bulacan, Boracay, Nueva Vizcaya and Bicol areas. The Group also has septage management services in some areas in the Philippines.
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