MacroAsia Corp. is seeing a twofold increase in net income growing this year from P121.91 million last year on the back of improved business conditions and continuing expansion.
Amador Sendin, Macro Asia chief finance officer, told reporters last week that the company expects to double its profits as net income in the first quarter already reached P100 million.
“We are conservative when we say that we will double our net income this year,” Sendin said.
“We still have three quarters to go. We are confident that we will sustain the performance that we have during the first quarter,” he added.
“Our subsidiaries are the big drivers. Especially the catering service is doing well,” said Joseph Chua, MacroAsia president and chief executive officer.
The company is engaged in aviation-related support and mining business.
From 2014 to 2016, the company has programmed P823 million in capital expenditures (capex) for both its aviation support and mining businesses.
Chua noted the capex was funded internally and through bank loans because, citing a significant improvement in the business.
The capex is divided into P300 million for a water facility to be built outside the Ninoy Aquino International Airport, P100 million for in-flight catering services, P50 million for airport ground handling services, P50 million for hangar maintenance, and P323 million for the mining business.
In the first quarter of the year, the company saw its net income more than 100 percent to P100.7 million from P42.25 million a year earlier, while revenues reached P435.18 million from P398.14 million.