Megawide Construction Corp. grew its net profit last year by 14 percent to P1.78 billion on higher earnings from construction and airport operations.
Including earnings attributable to minority interest, Megawide’s 2017 net profit rose by 17 percent to P2.2 billion on the back of consolidated revenue which went up by 9 percent to P19.2 billion.
Construction revenue hit P16.7 billion last year, 6 percent up from a year ago. Quarter-on-quarter, construction revenue rose by 24 percent to P4.3 billion.
Construction remained the core revenue contributor, accounting for 87 percent of consolidated revenue. Net income from the construction business grew by 7 percent to P1.1 billion.
New contracts booked from the private sector totaled P10.8 billion in 2017, with P6.25 billion booked in the last quarter. At the end of 2017, order backlog reached P32.6 billion.
Revenue from airport operations rose by 23 percent to P2.3 billion as a result of a 12-percent increase in passenger throughput. International and domestic passenger traffic at the Mactan Cebu International Airport grew by 24 percent and 7 percent, respectively.
The airport operations posted a 24-percent growth in net profit last year to P1.1 billion, representing 50 percent of the firm’s consolidated net earnings.
Commercial revenue accounted for P723 million or 31 percent of the total, up 36 percent. Revenue from passenger service charges went up by 16 percent to P1.3 billion, or 56 percent of total airport revenue. The remaining 13 percent came from aero-related revenues which grew by 27 percent to P295 million.—DORIS DUMLAO-ABADILLA