MIAA losses widen to P1.96 billion amid health crisis

THE Manila International Airport Authority’s (MIAA) net loss after tax widened to P1.96 billion as of September this year after it missed its revenue projection by 29% amid the global health crisis.

MIAA’s net loss after tax for the nine-month period widened from a loss of P513 million in the same period a year ago, its latest financial report posted on its website showed.

MIAA, a government-owned and controlled corporation, manages the Ninoy Aquino International Airport. It is also an agency under the Department of Transportation.

Its total revenue for the January-to-September period reached P2.69 billion, down 36.6% from P4.24 billion in the same period last year. It is also lower than the projected revenue of P3.80 billion.

MIAA’s net revenue after the national government share of P416 million, which was slightly lower than P487 million previously, was P2.28 billion, down 39.2% from P3.75 billion in the same period in 2020.

Operating expenses reached P4.32 billion, lower than last year’s P4.41 billion, bringing the nine-month net loss to P2.04 billion, compared with a loss of P652 million in the same period a year earlier.

MIAA said it remits 50% or more of its net income as dividends to the national treasury, which is apart from the 20% national government share on its gross income and the 30% corporate income tax, as well as the P100 share on passenger service charge and the contributions to National Civil Aviation Security Committee: P60 for every international passenger and P15 for every domestic passenger. — Arjay L. Balinbin