MacroAsia eyes to double profit by 2013

ABS-CBN News

Posted at Jul 15 2011 07:15 PM | Updated as of Jul 16 2011 03:53 AM

MANILA, Philippines - MacroAsia Corp., the listed aviation listed firm of tycoon Lucio Tan, is expecting its net income to double in three years as it ventures into new businesses, particularly mining and water distribution.

MacroAsia president and chief executive officer Joseph Chua told reporters the company's mining and water ventures would account for bulk or 60% of net profit by 2013, while the remaining 40% would come from its aviation business.

However, this year, Chua said net income may drop to P200 million to P300 million from P406 million in 2010, as airlines have been acquiring brand new aircraft, which require less maintenance.

MacroAsia is currently engaged in aviation-related support businesses, providing aircraft maintenance, repairs and overhaul services, charter flight services, airport ground handling, and in-flight catering.

Last Tuesday, it said it would invest an initial P2.5 billion for a bulk water supply treatment plant and distribution facility in Cavite province.

Likewise, the company will start exploration at its Infanta nickel project in Palawan soon.