Megawide looking to participate in bid for Pasig River Expressway contract

MEGAWIDE Construction Corp. is looking to participate in the bidding for Pasig River Expressway with Philippine Skylanders International, Inc. (PSI).

In a disclosure to the stock exchange on Monday, Megawide said it signed a memorandum of agreement (MOA) with the Philippine Skylanders.

“The MOA sets out the preliminary terms and conditions of Megawide and PSI in relation to the possible participation of Megawide for the engineering, procurement, and construction (EPC), and operation and maintenance (O&M) of the Pasig River Expressway project,” the listed firm said.

Megawide did not give any details on the Pasig River Expressway project.

In July, Megawide said it is eyeing to secure P24-billion worth of new construction contracts by the end of the year, double the P10.8 billion worth of projects it had in 2017.

In January, its joint venture with Indian company GMR Infrastructure Ltd. bagged the P4.9-billion engineering, procurement and construction contract for the new terminal building at the Clark International Airport. The GMR-Megawide tandem also operates the Mactan-Cebu International Airport.

Megawide is also considering making a bid for the operations and management (O&M) of the Clark airport.

For the first six months of 2018, Megawide’s attributable profit was flat at P926.54 million, after a six percent drop in revenues to P8.96 billion.

Construction revenues for the first half fell by 11% to P7.36 billion, which the Megawide said was due “varying stages of construction of projects in the order book and scheduled start of construction of the new projects booked towards the end of 2017.”

Megawide booked P14.2 billion worth of new contracts in the first semester, constituting 59% of its full year guidance of P24 billion. —