MacroAsia sees income hitting at least P1 billion

MACROASIA Corp. is expecting to post at least P1 billion in net income for the year, a top official said, with the company’s performance for the year thus far already exceeding 2016’s earnings.

MacroAsia Chief Financial Officer and Vice- President for Administration and Business Development Amador T. Sendin told BusinessWorld it has already exceeded the double-digit profit growth the company earlier said it targeted. MacroAsia reported a net income of P670 million as of the first half of the year, higher than the P440.16 million it booked in 2016.

“Last year our net income was P440 million, second half this year is already P670 [million]... At the end of the year we’re expecting to hit at least a billion,” Mr. Sendin said on the sidelines of the signing of a joint venture agreement between MacroAsia and PTC Holdings Corp.

The official said MacroAsia is keeping a double- digit income growth target for 2018.

The company will also continue to focus on its core business of aviation services, the official said. It signed on Monday a joint venture agreement with PTC Holdings to set up an aviation school that will supply personnel to airlines.

The company is also studying acquisitions of logistics firms to complement its current businesses. The study is set to be completed in a year.

“We were into a logistics venture eight years ago but the joint venture didn’t do well. We had to close it. But now, we’re looking at some acquisitions... It has synergy with our businesses,” Mr. Sendin told reporters.

MacroAsia also plans to eventually spin off assets in its water concession business.

“We’re going to expand it, we’ll have it scaled, but by that time we will probably spin it off, separate it, because the focus will be on aviation services,” Mr. Sendin told BusinessWorld.