MANILA, Philippines – MacroAsia Corporation returned to profitability in 2022, hitting a net income of P461.43 million after a net loss of P150.92 million in 2021.

According to a stock exchange disclosure on Monday, April 3, MacroAsia’s consolidated net income reached P730.62 million, driven by its aircraft maintenance, repair, and overhaul joint venture; and its airline catering, ground handling, and water distribution businesses.

As reported in its consolidated statements of income, in-flight and other catering contributed the most to 2022 revenue at P2.289 billion, followed by ground handling and aviation at P2.050 billion, water distribution at P515 million, and administrative fees at P30 million. Overall, consolidated revenue rose by 151% from P1.95 billion in 2021 to P4.88 billion in 2022.

In a statement on its return to profitability, the Lucio Tan-led holdings company highlighted the rebound of the travel and tourism industry in 2022. (READ: Revenge travel is here – so where do Filipinos go?)

“As the world slowly stepped out of measures related to COVID-19 that constrained travel, MacroAsia saw domestic travel volumes in 2022 climb to pre-pandemic levels, with international travel trailing closer to 2019 pre-pandemic level. The MacroAsia Group is in an industry that was impacted in 2020 when various airports faced passenger travel restrictions,” the disclosure read.

However, MacroAsia also noted that it had “adjusted its strategic focus” in light of the pandemic, growing its non-airline related businesses, which comprised 24% of its top line in 2022.

MacroAsia mainly operates through its eight subsidiaries and three affiliates, which include Lufthansa Technik Philippines, MacroAsia Catering Services, MacroAsia Airport Services, MacroAsia Air Taxi Services, MacroAsia Properties Development, and Allied Water Services. – Rappler.com