MacroAsia Corp. said Monday consolidated net income in 2019 rose 10 percent to P1.19 billion from P1.08 billion a year ago.
The company, owned by airline and tobacco tycoon Lucio Tan, posted consolidated revenues of P6.16 billion last year from P3.42 billion in 2018.
Revenues of MacroAsia’s catering segment, which contributed 47 percent of total sales, grew 75 percent to P2.91 billion last year from P1.66 billion in 2018.
The company attributed the higher revenues to the increased number of meals served to airline and institutional clients from 5.8 million in 2018 to 12.4 million meals in 2019.
The increase in meal count is attributable to contributions coming from subsidiaries of MACS, namely MSFI, which begun commercial operations in March 2019, and MacroAsia SATS Inflight Services, a subsidiary of MACS that was designated as inflight caterer of Philippine Airlines starting March 16, 2019.
The revenues from ground-handling and aviation services rose to P2.87 billion from the previous year’s P1.46 billion.
“The growth is due to increasing passenger and ramp services for PAL and PAL Express in Manila and Cebu,” the company said.
MacroAsia Airport Services is one of three ground handlers that received concessions to operate in the new Terminal 2 in Mactan, Cebu. It started to book revenues in the terminal in October 2018.
Flights handled rose 63 percent from 120,862 in 2018 to 197,079 in 2019.
Revenues from water operations contributed 6 percent of the total, an increase of 28 precent to P347.60 million from P271.04 million during the same period last year.
Boracay Tubi System Inc. benefited from the re-opening of Boracay Island in October 2018, as it gained more clients and achieved new revenue sources from STP-related operations.
The company’s consolidated operating expenses amounted to P1.03 billion from P710.71 million in 2018 due to the increase in personnel expenses.