MacroAsia’s net income up by 29% to P440M
Lucio Tan’s MacroAsia Corp. reported a 29-percent jump in its consolidated net income to P440 million from a year ago as its major subsidiaries posted stronger operating and financial performance, the company said in a disclosure to the stock exchange.
MacroAsia’s subsidiaries are MacroAsia Catering Services Inc., MacroAsia Airport Services Corp., MacroAsia Properties Development Corp., MacroAsia Air Taxi Services Inc., and MacroAsia Mining Corp. Its affiliates are Lufthansa Technik Philippines Inc. and Cebu Pacific Catering Services Inc.
MacroAsia’s revenues totalled P2.3 billion last year, P1.4 billion of which came from its inflight and other catering services. The company’s catering business has a concession agreement with the Manila International Airport Authority to exclusively operate an in-flight catering service for civil and/or military aircraft operating at the MIAA. Under the agreement, the company pays a concessionaire’s privilege fee equivalent to seven percent of the company’s monthly gross income on catering services.
“Revenues from in-flight catering contributed 62% of the total revenues and has been consistent in reporting billion peso revenues from last year’s P1.17 billion to the current year’s P1.45 billion. This is brought about by increase in the number of meals served to airline clients and additional institutional clients serviced in 2016,” the company said.
MacroAsia said it will keep on growing its core revenues from its matured business units. It is increasing the production capacity of both MacroAsia Catering and Cebu Pacific Catering. Within a year, the company expects a new subsidiary to become operational. The new subsidiary is a nonairline food business that will serve BPOs, hotels, banks and others.