MANILA, Philippines — The Clark International Airport Corp. (CIAC) raised its profit by more than half to P211 million in the first half of the year on the wings of sustained recovery in aviation activities.
According to its financial statement, CIAC boosted its profit to P210.56 million as of June, from P136.07 million a year ago, driven by the upward trend in its revenue.
Broken down, earnings ballooned by 39 percent to P380.12 million, from P273.74 million, while expenses went up by 19 percent to P158.61 million, from P133.59 million.
CIAC saw its service and business income reach P369.92 million during the period, from P267.4 million a year ago. Further, the agency pushed up its foreign exchange gains to P8.96 million and other non-operating income to P1.24 million.
However, CIAC also posted increases across the board for its expenses. In particular, the agency scaled up spending for personnel, maintenance, financial and non-cash expenses.
As a government-owned and controlled corporation, CIAC is mandated to turn over at least half of its profit to the Bureau of the Treasury as a contribution to state programs.
For the year, CIAC targets to improve the flight volume in Clark to 18,608 and create 1,000 jobs through its locators and projects.
CIAC assumes the role of a manager for the Clark Civil Aviation Complex, an area stretching for 2,367 hectares where the Clark International Airport is located.
As part of its expansion buildup, CIAC yesterday announced that it has signed a memorandum of agreement with the Philippine Charity Sweepstakes Office (PCSO). The deal permits the PCSO to build a backup draw facility at the Clark Civil Aviation Complex.
The project will be situated along Ninoy Aquino Street within the complex. It will stand on what used to be a former laboratory of the Philippine Red Cross for pandemic purposes.
In exchange, CIAC will get advertisement slots during PCSO broadcasts, and PCSO will donate emergency response vehicles to CIAC to support its efforts to build up Clark’s viability.
Further, PCSO plans to equip its CIAC property with up-to-date broadcast assets that can be used to serve the Clark community, giving the facility a function more than just a backup.