Lufthansa Technik PHL signs NAIA lease deal with NNIC

LISTED aviation support provider MacroAsia Corp. said its associate Lufthansa Technik Philippines has signed a lease contract with New NAIA Infra Corp. (NNIC), the private operator of the Ninoy Aquino International Airport (NAIA).

“MacroAsia Corp. was informed that Lufthansa Technik Philippines, its associate, signed a lease contract with NNIC,” the company told the stock exchange on Wednesday.

San Miguel-led NNIC assumed the operations and maintenance of NAIA in September 2024 and has since implemented higher airport fees, including increased monthly lease charges, under a revised administrative order tied to its concession agreement.

Lufthansa Technik Philippines has a sublease agreement with MacroAsia Properties Development Corp. (MAPDC) covering the land where it operates within the NAIA complex.

The sublease agreement had an initial term of 25 years that expired in August 2025 and may be renewed for another 25 years.

MacroAsia said in its 2025 annual report, published in April, that through MAPDC it informed NNIC in May last year of its decision to renew the lease agreement for another 25 years, although no extension had been finalized at the time.

MacroAsia also said in March that the company, together with Lufthansa Technik Philippines, had negotiated with airport authorities to determine the applicable final lease rate.

Lufthansa Technik Philippines is a joint venture between MacroAsia and Germany’s Lufthansa Technik AG and provides aircraft maintenance, repair, and overhaul (MRO) services within the NAIA complex.

Its services include base maintenance checks for Airbus A320, A330, A340, A380, and Boeing 777 aircraft, as well as structural modifications, cabin retrofit programs, and lease-return inspections.

For the first quarter, MacroAsia’s attributable net income fell 58.89% to P129.05 million from P313.91 million a year earlier, which the company attributed to lower equity earnings from associates and higher rental adjustment rates under Manila International Airport Authority Revised Administrative Order No. 1, Series of 2024.

Total revenues rose 11.19% to P2.63 billion from P2.35 billion, while gross expenses increased 13.89% to P2.46 billion from P2.16 billion.

Shares in MacroAsia fell four centavos or 0.93% to close at P4.25 apiece on Wednesday. — Ashley Erika O. Jose