Lucio Tan’s MacroAsia continues to reel from Covid stress, H1 net loss widens

Lucio Tan’s MacroAsia continues to reel from Covid stress, H1 net loss widens

MacroAsia Corp.’s net losses deepened in the first half as the pandemic continued to batter the airline industry.

Net loss widened by 22 percent to P632.5 million, mainly driven by airline-related revenue downturn of key business units in the airports due to continuing travel restrictions.

READ: Lucio Tan taps Romualdez firm to exploit Macroasia’s nickel mine in Palawan

Revenues plunged 45.9 percent to P875.9 million with inflight and other catering revenues posting a 65 percent decline in revenues to P252.7 million.

MacroAsia is the catering service provider to 18 full-service foreign carriers, VIP flights and general aviation clients and four major airport lounges operating at the Ninoy Aquino International Airport.

READ: Seeing red: Lucio Tan’s Macroasia piles up P284M losses in Q1 but at least its still solvent unlike PAL

Ground handling and aviation services pumped in 58 percent of total revenues or P504.6 million. The figure is 30 percent lower than the P726 million recorded last year owing to flight volume reduction in the airports.

Flights handled declined by a total of 17,130 flights or 35 percent to 32,253.

READ: Lucio Tan borrows P100M from DBP to expand MacroAsia’s pilot school despite the gloomy outlook on the airline industry

The water business likewise reported a 31 percent drop in revenues to P96.8 million due to the downturn of commercial water sales in Boracay and the termination of the bulk water supply contract with the Marilao Water District.

The aviation school First Aviation Academy saw revenues decline by 30 percent to P7.2 million as Covid-19 restrictions limited its operations.

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