Megawide makes P104-M profit in 1st Q

MANILA, Philippines—The newly listed construction company Megawide Corp. jacked up its first-quarter net profit by 200 percent year-on-year to P104.1 million on higher revenues booked from building contracts in progress.

The company, a major contractor of the SM group’s fast-growing residential condominium developer SM Development Corp., doubled its gross revenues in the first quarter to P1.35 billion as structural works of Jazz Residences in Bel-Air Makati and Grass Residences Tower 3 were in full swing.

Tailend works at Berkeley Residences, Sea Residences Phase 1, University Tower 2 and 3 also contributed considerably to the extensive growth of Megawide’s gross revenues figure, Megawide disclosed.

Megawide also expects to be awarded the construction contract for the succeeding phase of the Belle Grande Hotel Casino Project, which consists of structural and civil works for two hotel towers and six condotels inside its integrated resort-casino project by Manila Bay.

Megawide has been invited to bid for several high-rise residential and office buildings in Metro Manila which it hopes to win within the year. “These anticipated new contracts will sustain the growth momentum of Megawide moving forward,” the company said in the disclosure.

On the expense side, the company’s improving operating efficiency and cost controls helped increase its first-quarter net profit margin to 7.69 percent from 5.29 percent for the same period last year.

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