Me­gaw­ide profit at B in 9 months

Manila Bulletin - - Business News - By JAMES A. LOY­OLA

En­gi­neer­ing and in­fra­struc­ture con­glom­er­ate Me­gaw­ide Con­struc­tion Cor­po­ra­tion (Me­gaw­ide) recorded a 7 per­cent growth in con­sol­i­dated net in­come to R1.7 bil­lion in the first nine months of 2017.

In a dis­clo­sure to the Philippine Stock Ex­change, the firm said it gen­er­ated con­sol­i­dated rev­enues of R14.3 bil­lion, 4 per­cent higher than the pre­vi­ous year and reach­ing 77 per­cent of the full year guid­ance.

“Me­gaw­ide is poised to hit its 2017 guid­ance, as our con­struc­tion busi­ness bounced back with a strong 3rd quar­ter and the air­port busi­ness con­tin­ued its dou­ble-digit growth tra­jec­tory,” said Me­gaw­ide Chair­man Edgar Saave­dra.

The firm’s con­struc­tion busi­ness de­liv­ered R12.4 bil­lion of rev­enues for the pe­riod ended Septem­ber 30, 2017.

The com­pany’s con­struc­tion seg­ment re­mains its big­gest rev­enue gen­er­a­tor, ac­count­ing for 87 per­cent of con­sol­i­dated rev­enues.

Con­struc­tion net in­come for the first nine months of the year is at R883 mil­lion, 3 per­cent higher than in 2016.

“With the sta­ble growth of the prop­erty sec­tor and the roll out of in­fra­struc­ture projects by the gov­ern­ment, we ex­pect our con­struc­tion busi­ness to per­form steadily. We re­main com­mit­ted to di­ver­si­fy­ing our con­struc­tion port­fo­lio by lever­ag­ing on our en­gi­neer­ing ca­pa­bil­i­ties,” Saave­dra said.

Rev­enue from op­er­a­tions of the Mac­tan-Cebu In­ter­na­tional Air­port (MCIA) rose by 25 per­cent and com­prised 12 per­cent of Me­gaw­ide’s con­sol­i­dated rev­enues.

This was driven by the 12 per­cent in­crease in pas­sen­ger through­put, with in­ter­na­tional pas­sen­ger vol­ume out­pac­ing do­mes­tic pas­sen­ger vol­ume growth at 27 per­cent and 6 per­cent, re­spec­tively.

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