MACROASIA Corp. saw its consolidated net income climb by 72 percent to P337.04 million in the first quarter from P196.03 million a year earlier, driven by volume growth across all business units.

Revenues also rose by 24 percent to P2.22 billion from P1.79 billion.

"Following our momentum of growth in 2023, our first quarter 2024 results demonstrate further the resilience and adaptability of the group amidst challenging market conditions," MacroAsia President and COO Eduardo Luis Luy said.

Inflight catering and food services revenues were said to have grown by 17 percent to P1.06 from P902.70 million.

Earnings from ground-handling and aviation services amounted to P975.60 million, up by 35 percent from P723.80 million, with total number of flights reaching 49,281 flights, an increase of 12 percent from 44,056 flights a year earlier.

Revenues from water operations climbed by 12 percent to P154.10 from P138 million, attributed to an increase in commercial water sales in Boracay and contributions from Naic Water Services Corp. and Aqualink.

The share in net earnings of associates amounted to P148.40 million from P90.70 million last year, due to contributions from MacroAsia's aircraft maintenance, repair, and overhaul venture, Lufthansa Technik Philippines (LTP).

LTP reported a quarterly net income of P258.70 million with MacroAsia's share at P126.80 million.

"We remain committed to delivering exceptional services to our customers, while driving sustainable growth and value for our stakeholders, consistent with our strategy of scaling the edges of our business segments to secure more diversified revenue sources," Luy said.

On Tuesday, MacroAsia's share price fell by 28 centavos to close at P4.99 apiece.

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