MACROASIA Corp.'s consolidated net income rose to P1.07 billion last year, more than double the P461.43 million recorded in 2022, following a rebound in core aviation services and ample support from non-aviation-related revenue sources.

Consolidated revenues totaled P8 billion in 2023, 64 percent more than 2022's P4.88 billion, which MacroAsia said was driven by a diversification strategy that was prompted by the Covid-19 pandemic.

Food segment revenues improved to P3.98 billion from P2.29 billion in 2022 as in-airport passenger meal sales grew along with demand from institutional food service clients outside of the airport.

Ground-handling and aviation services contributed P3.14 billion, up from P2.05 billion, as flight volumes grew post-pandemic.

Water operations, meanwhile, earned P617.49 million, higher than the year-earlier P515.0 million.

Connectivity and technology services contributed P215.63 million.

The company's aircraft maintenance, repair and overhaul associate, Lufthansa Technik Philippines (LTP), added P562.14 million net income, higher than P499.81 million it booked in 2022.

More foreign airlines had their planes repaired in the LTP facility at the Ninoy Aquino International Airport, MacroAsia said.

The company said that both topline and bottom-line momentum were likely to be sustained this year, courtesy of inroads into new markets as part of pandemic initiatives and a recovery for the aviation sector.

MacroAsia's share price rose by P0.31 to P4.26 on Tuesday.

FROM A REPORT BY ED PAOLO SALTING