Airport business boosts Megawide H1profit

MEGAWIDE Construction Corp. on Wednesday said earnings in the first six months jumped 10 percent to P1.26 billion on the robust performance of its airport business segment.

The company told the Philippine Stock Exchange that its airport business contributed 65 percent to consolidated net profit while the balance came from its construction business.

“We remain optimistic about the company’s continued strong performance in 2018,” said Megawide Chairman and CEO Edgar Saavedra.

“Our growth prospects continue to be promising with the addition of more routes at Mactan-Cebu International Airport (MCIA) and the numerous opportunities in the construction segment. We are also continuing to boost our order book levels to ensure a more stable revenue pipeline in the next three years, at least.”

Consolidated revenues stood at P8.96 billion. Revenue from airport operations grew 14 percent to P1.32 billion, buoyed by a 12- percent increase in passenger volume.

The company said MCIA increased its passenger volume to 5.8 million from 5.1 million a year earlier, with domestic passengers accounting for 67 percent. It is currently serving 34 domestic and 24 international destinations, with 26 airline partners.

Meanwhile, Megawide said revenues from its construction business reached P7.4 billion

In the January- June period, it bagged new contracts worth P14.2 billion, 31 percent higher than last year’s. Saavedra also stressed the group would take part in the government’s massive Build Build Build initiative to bolster its portfolio.

“As a Quadruple-A contractor, we are poised to participate in the administration’s infrastructure development program, either as a straightforward EPC contractor or as a fully-integrated bidder with EPC and O&M capabilities,” he said.

Shares of Megawide Construction were up 2.73 percent at P18.80 each.