MacroAsia Corp. reported its highest-ever quarterly revenue in the first quarter, even as rising costs and lease-related charges weighed on profitability across its aviation-linked businesses.
The listed aviation services and inflight catering company posted consolidated revenues of P2.63 billion for the three months ending March 31, 2026, marking a new record driven by stronger demand in airline catering, ground handling, and aviation support services.
Growth was underpinned by continued recovery in air travel and higher flight activity, even as geopolitical tensions in the Middle East disrupted certain airline routes and hub operations during the quarter.
Despite the revenue milestone, profitability softened. Net income fell to P186.6 million from P362.4 million a year earlier, while income attributable to shareholders declined to about P129 million from P313.9 million.
MacroAsia attributed the earnings decline largely to lower equity contributions from associates, higher operating expenses, and lease-related accruals tied to adjustments in airport facility agreements, particularly at the MacroAsia Ecozone and its partner Lufthansa Technik Philippines.
The company also cited new rental adjustments under the Manila International Airport Authority’s revised leasing framework, which increased cost pressure across certain airport-linked operations.
On the revenue side, inflight and other food services remained the largest contributor, accounting for roughly 50 percent of total revenues and growing 14 percent to P1.31 billion. Ground handling and aviation services, representing 43 percent of revenues, rose 11 percent to P1.13 billion, supported by an 11 percent increase in flights handled to 52,892.
Water operations added P174.9 million, up 2 percent, driven by stronger commercial demand.
Operating expenses climbed 17 percent to P407.1 million, reflecting higher activity levels, inflation, and cost pass-throughs. The company’s direct cost ratio also rose to 78.21 percent as pricing negotiations with airline customers remained ongoing.
Despite margin pressure, MacroAsia’s asset base grew to P17.15 billion, with a current ratio of 1.45, indicating stable short-term liquidity even amid a more inflationary and cost-sensitive operating environment.
