MACROASIA Corp. said the new hangar of Lufthansa Technik Philippines, Inc. (LTP), its joint venture with Germany’s Lufthansa Technik AG, is expected to be operational this month.
The company also reported a net loss of P150.9 million for 2021, a significant decline from a loss of P1.8 billion a year earlier.
“LTP will complete its facility expansion program through a new multi-use hangar that will be fully constructed by Q1 (first quarter) 2022,” MacroAsia said in its annual report.
“This new hangar will be open for commercial operation by April 2022, providing additional base maintenance capacity for LTP,” it added.
The company said LTP’s maintenance volumes are expected to reach pre-pandemic levels this year.
“Foreign airline clients that have opted to delay their heavy maintenance programs in the midst of the pandemic starting 2020 have been recalling their stowed planes into service,” it noted.
LTP provides aircraft maintenance, repairs and overhaul services at various airports in the country, including Ninoy Aquino International Airport (NAIA), Mactan-Cebu International Airport, Kalibo International Airport, and Puerto Princesa Airport, among others.
“The line maintenance business, which is essentially airport-flight driven will follow the airport volume growth in NAIA, Cebu, Clark, and Davao where LTP operates,” MacroAsia said.
The company noted that LTP has returned to profitability starting August last year.
LTP said last year that it was expecting to finish its $40-million hangar expansion project in Pasay City in February 2022. The new hangar will allow the company to service more aircraft including Airbus A380.
On its net loss last year, MacroAsia said: “The reversal of impairment provisions, together with the share in net earnings of an associate, principally resulted in the decline in reported loss in [2021].”
“The Infanta Nickel Mine generated advanced royalty receipts from a mining operator, justifying the reversal of impairment provision on deferred mine exploration costs amounting to P217 million,” it noted.
“With the agreement that was signed with this mine operator, it is expected that the nickel mine will operate soon, and is expected to provide recurring cash inflow through royalty payments.”
MacroAsia shares closed 0.35% lower at P5.72 apiece on Tuesday. — Arjay L. Balinbin