MacroAsia trims loss, sees slow recovery

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MacroAsia Corp. trimmed its second-quarter net loss to P289.22 million from P489.1 million in the same period a year earlier, “as recovery in pax and flight movements has progressed slowly in 2021.”

Total revenues for the quarter climbed 91.1% to P473 million from P247.5 million in the same period in 2020, the company said in its quarterly report released on Friday.

Broken down, in-flight and other catering revenue rose 44.4% to P121.44 million, while revenue from ground-handling and aviation surged 189.9% to P287.9 million.

Rental and administrative revenue remained at P7.27 million, while water revenue fell 2.2% to P54.86 million.

Total revenue for the first half declined 45.9% to P875.91 million from P1.62 billion in the same period a year ago.

First-half attributable net loss reached P524.4 million, compared with a net loss of P479.4 million reported in the same period last year.

In June this year, First Aviation Academy, Inc., the aviation school established by the joint venture of MacroAsia and PTC Holdings Corp., purchased nine Cessna 172 planes and one flight simulator from the former Philippine Air Lines Aviation School to augment its fleet, the listed company said.

MacroAsia Mining Corp., MacroAsia said, intends to close this year its discussions with other nickel mine operators “to start the operations of at least the nickel mine due to the demand for this mineral for batteries, among others.”

“The group’s water business is set to get a big revenue boost, with a water service JV (joint venture) becoming operational by second half of 2021,” it also said.

MacroAsia shares closed 0.44% higher at P4.53 apiece on Friday. — Arjay L. Balinbin

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