Megawide profit at B in 9 months
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.