Megawide reverses loss as construction picks up

Owing to the strong performance of its construction business, infrastructure and engineering innovator Megawide Construction Corp. generated a consolidated net income of P332.5 million in the first nine months.

In a stock exchange disclosure on Wednesday, the company said the strong comeback, which reversed the P970.4 million net loss last year, was attributable to the 47 percent revenue jump to P15.6 billion.

“Our growth trajectory remains intact, with our pursuit of big-ticket infrastructure projects, like the Malolos Clark Railway Project and soon the Metro Manila Subway, and high-value commercial developments, such as the Westside City Resorts Complex, materializing,” Megawide president and CEO Edgar Saavedra said.

“We are confident that over the long term, this direction will unlock a strong and steady earnings momentum for the EPC segment,” he added.

Megawide’s construction segment saw a 47 percent surge in revenue to P15.2 billion, which accounted for a whopping 97 percent of the company’s entire revenue.

With this, the company’s outstanding book to date was pegged at P42.1 billion — excluding its share in the Metro Manila Subway Project or MMSP.

Of these projects, more than half, or 56 percent are still between zero to 20 percent completion rate. The remaining chunks of the projects are in the 21 to 80 percent range.

Solar plant set

During the third quarter alone, Megawide secured P2.3 billion worth of contracts in the commercial and industrial space through Hotel 101 in Libis and Citicore Renewable Energy Corp.’s Lumbangan Solar Power Plant in Batangas.