MacroAsia sees 15% drop in Q2 income

LISTED aviation-support provider MacroAsia Corp. saw its attributable net income fall by 15.26% to P365.78 million for the second quarter (Q2), as higher expenses and lower revenues weighed on its results for the period.

For the second quarter, MacroAsia logged gross revenue of P2.46 billion, down 3.53% from P2.55 billion in the same period last year, it said in a regulatory filing on Wednesday.

Its combined expenses grew by 10.95% to P2.33 billion in the three months ending June from P2.10 billion previously.

For the first semester, MacroAsia’s attributable net income declined by 1.7% to P679.69 million from P691.59 million in the same period last year.

Total revenues for the period reached P4.81 billion, marking an increase of 0.42% from P4.79 billion in the comparable period a year ago.

Broken down, in-flight and other catering services accounted for the majority of its revenues for the period, generating P2.35 billion; followed by ground handling and aviation revenues at P2.07 billion; and water distribution at P364 million.

“Our operations continue to deliver strong results, supported by sustained growth across aviation, food, and water segments, as well as higher earnings from associates,” MacroAsia President and Chief Operating Officer Eduardo T. Luy told the stock exchange.

Gross expenses for the period went up by 11.14% to P4.49 billion from P4.04 billion previously.

At the stock exchange, shares in the company gained five centavos, or 1.19%, to end at P4.24 each. — Ashley Erika O. Jose