MACROASIA Corp. posted a net income of P669.62 million in the first nine months of 2026, down 42.3 percent from P1.16 billion a year earlier and attributed to increased costs and lower earnings contributions from its associates.
In a disclosure on Wednesday, the company said revenues grew to P7.76 billion in the first three quarters from P7.41 billion a year earlier, on improved activity across its main businesses.
By segment, the food services business remained the largest contributor, with revenues increasing to P3.87 billion on higher volumes sold year on year.
Revenues from ground handling and aviation services rose to P3.28 billion, with the increase attributed to various flight cancellations of certain Middle East routes.
The water operations segment generated P569.70 million in revenues, up six percent year on year, as billed water volume increased partly due to new customer connections during the period along with the organic growth of its existing customer base.
The share in net earnings of associates amounted to P680.90 million, down from P970.10 million last year, attributed to lower earnings contribution from Lufthansa Technik Philippines Inc. and from Japan Airport Service Co. Ltd., partly offset by improved earnings from Cebu Pacific Catering Services Inc. and the contribution of the newly established MacroAsia Jolliant Food Services Corp.
“MacroAsia’s Corporation’s underlying businesses remain resilient, as reflected in our continued revenue growth across food services, ground handling, and water operations,” said company President and Chief Operating Officer Eduardo Luis Luy.
He said the decline in third-quarter earnings was partly attributable to transient input costs associated with global inflationary factors as well as transitory restructuring costs at Lufthansa Technik Philippines as the company adjusts to higher lease rates within the MacroAsia Special Economic Zone.
Looking ahead, the company expects a broader revenue base to support progressive earnings recovery, but noted that near-term margins may remain under pressure from airport lease costs, wages, and other operating inputs.
At Lufthansa Technik Philippines, the company said the exit from line-maintenance operations and related restructuring were intended to establish a more sustainable operating model under its revised lease arrangements, while its widebody base-maintenance business and planned Clark expansion support longer-term positioning.
“Our aviation-related business units are implementing adjustments toward a more efficient and sustainable operating structure. While cost pressures remain, we are confident that our diversified businesses, ongoing efficiency measures, and strategic investments will position us for progressive margin recovery and stronger long-term earnings,” Luy said.
MacroAsia shares on Wednesday added P0.06, or 1.82 percent, to P3.36 apiece amid a 0.4-percent drop for the benchmark Philippine Stock Exchange index.
