Lucio Tan-owned Macroasia Corp. reports 172% earnings growth


MacroAsia Corporation (MAC), the aviation-support unit of tycoon Lucio Tan, reported a 172 percent boost in its net income for the first nine months of 2023 to P746 million from P274 million last year as its associate’s businesses continue to grow.

In a disclosure to the Philippine Stock Exchange (PSE), the nine-month revenues of the corporation also rose by 79 percent at P5.7 billion, compared to P3.2 billion from the same period in 2022. 

Its airline and non-airline food revenues grew by 101 percent to P2.9 billion this year from P1.5 billion last year, with a 69 percent increase in meal sales to P17 million in 2023 from P10 million in 2022.

Meanwhile its ground-handling and aviation service revenues also increased by 77 percent to P2.3 billion from P1.3 billion last year, driven by “flight volume growth in airports and new client acquisitions.”

Flights handled increased by 43 percent this year to 134,750 flights in the nine-month period of 2023 from 94,336 flights last year.  

The aviation training school also recorded P44 million in revenues, which is 32 percent higher than its P34 million revenue in 2022.

MAC’s water segment also had a 27 percent increase in revenues to P456 million from P360 million, attributed mainly to the “commercial water sales in Boracay, as the island saw more visitors.”

The shares in net income of MAC associates was P369 million for the first nine months of the year from P302 million last year, representing the operating results of Lufthansa Technik Philippines (LTP), Japan Airport Services Co. (JASCO), and Cebu Pacific Catering Services (CPCS).

LTP’s maintenance, repair and overhaul (MRO) business increased its activities this year, which led to its P377 million contribution to the shares in net income compared to P355 million last year. 

JASCO’s ground handling business in Narita gained positive operation responses as more Chinese tourist travellers arrive in Japan, although its share in the net income of MAC decreased by 30 percent for the period to P9.93 million this year from P29.58 million in 2023.

The volume of travellers to Mactan, Cebu have also increased as the CPCS resumed its catering operations in March this year. It contributed around 40 percent at P2.28 million to MAC's share net income this year, higher than P3.69 million contributions last year. 

MAC’s overall operating expenses also rose by 47 percent to P230 million due to business volume growth.

“Due to expected demand for more capacity in its facilities moving forward, the
MacroAsia Group is currently in the process of studying the expansion of its food commissary in its Muntinlupa site as well as outside of Luzon,” said the firm.

Earlier, LTP also reported its ongoing study to build new hangar facilities for heavy base maintenance in Clark.