MacroAsia expects swing to profitability this year

MACROASIA Corp. expects to turn a profit this year due to improved travel movements, its top official said.

“Yeah, definitely, of course, barring another surge,” MacroAsia President and Chief Operating Officer Eduardo Luis T. Luy told reporters recently about the company’s profit outlook.

“Hopefully, nothing extraordinary happens. If all goes according to the plan, I think it’s a good sign,” he said.

The company recently reported a second-quarter attributable net income of P101.85 million, turning around from a loss of P289.22 million in the same period last year.

“I’d like to think that based on what we discussed last time as a group, it will be a relatively good year for us,” Mr. Luy added.

The company’s second-quarter total revenue reached P1.11 billion, up from the previous year’s P472.96 million.

Expenses increased to P1.07 billion, higher than the previous year’s P686.33 million.

The company managed to cut its attributable net loss to P2.16 million last year from a loss of P1.58 billion in 2020.

MacroAsia has said that its subsidiary, TERA Information and Connectivity Solutions, Inc. is working to become a fixed-line internet service provider for both business and residential users in the next three to five years.

TERA will focus initially on areas where such services are needed by the MacroAsia group or its current joint venture partners “to meet business requirements, boost connectivity and reduce costs,” the company said in a statement.

“With its water businesses outside of Metro Manila, MacroAsia has been expanding its water pipeline network in greenfield or development areas, and in this process of the pipeline expansion, it has been considering laying down internal fiber networks as well since these are needed in these development areas,” it added.

The company has yet to disclose financial details on such projects.

The company recently signed a partnership deal with telco solutions distributor Gur Lavi Corp.

Gur Lavi is the company behind TeLavi Cloud, an all-in communication platform introduced amid the pandemic. It provides cloud telephony solutions, team messaging, videoconferencing, and call center solutions to enterprise and residential customers. — Arjay L. Balinbin