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Megawide nets P1.4 B in 2013

MANILA, Philippines—Construction and engineering firm Megawide Corp. increased its net profit last year by 38 percent to P1.4 billion which the company attributed to higher contract revenues and operating efficiency.

Megawide, which recently bagged in partnership with Indian firm GMR the hotly contested Mactan-Cebu upgrade that was bid out under a public-private partnership framework,  reported that gross revenues last year reached P10.88 billion or about a third higher than the previous year’s level.

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“The bulk of the increase is due to the accomplishment of the company’s PPP school infrastructure project of Department of Education in 2013,” the company said in a regulatory filing.

Cost of construction stood at P9.1 billion last year, up by 33.6 percent from the previous year. Operating expenses increased by 23 percent to about P338 million as the company spent to grow its operations.

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