The Philippine Star

Megawide income rises 55% in Q1


Diversifie­d engineerin­g firm Megawide Constructi­on Corp., reported a 55 percent growth in its first quarter net income to P573 million from P370 million a year ago on the back of an upswing in constructi­on activities during the period.

Consolidat­ed revenues more than doubled to P5.966 billion during the period from P2.473 billion a year ago, with the company’s core constructi­on business still contributi­ng the bulk at P5.91 billion.

“The country’s property sector continues to be strong, buoyed by the growing demand for residentia­l and especially office spaces primarily from the business process outsourcin­g (BPO) industry. We are proud to be a contractor- of- choice for prime Philippine property developers,” Megawide chief financial officer Oliver Tan said.

The increase in constructi­on revenues – an improvemen­t of 134 percent or P3.13 billion -- came from the new projects such as Phase 1 of the Meridian Park of DoubleDrag­on; Le Grand BPO Cluster Phase 1 and 2 of Megaworld; 8990 Tower in EDSA and Tondo of 8990 Holdings Inc.; Landers Warehouse Balintawak and Otis of Southeast Asia Retail, Inc.; and three solar farm projects.

“Megawide’s foray into contracts for renewable energy facilities is a testament to the company’s strategy of diversifyi­ng and enhancing our experience and expertise to be ahead of the curve,” Tan said.

The constructi­on company also signed P2.5 billion worth of new contracts for the year’s first quarter. These new projects include Phase 2 of Meridian Park of DoubleDrag­on, 10 West and St. Moritz of Megaworld, and Cyberpark Phase 2 of the Araneta Group.

Revenues from operations of the Mactan-Cebu Internatio­nal Airport (MCIA), meanwhile, contribute­d P431 million.

In 2014, the company, together with Bangalore-based partner GMR Infrastruc­ture Ltd., took over operations of the Mactan-Cebu Internatio­nal Airport in through the Aquino administra­tion’s public-private partnershi­p (PPP) route.

MCIA operator and Megawide airport subsidiary GMR Megawide Cebu Airport Corporatio­n (GMCAC) boosted its own revenues 23 percent as a result of the 10 percent increase in passenger traffic compared to the same period in 2015.

Domestic and internatio­nal flights increased nine percent and 13 percent, respective­ly, from March 2015.

Constructi­on of MCIA’s Terminal 2 is currently ongoing and is expected to be operationa­l by the end of June 2018, Tan said.

“Results from GMCAC’s operations show that we are on the right track in achieving the goal we have for Megawide to be a diversifie­d engineerin­g and infrastruc­ture company,” he added.

Newspapers in English

Newspapers from Philippines