Close  

Megawide 1st quarter profit drops 49% to P239M

/ 10:59 AM May 16, 2019

The consortium of Megawide Construction Corp. and India’s GMR Infrastructure Ltd. took over the concession to operate and expand Mactan Cebu International Airport, the country’s second-busiest air facility, in 2014. INQUIRER.net FILE PHOTO

MANILA, Philippines — Construction firm Megawide Construction Corp. posted an attributable net profit of P239.25 million in the first three months, down by 49.6 percent year-on-year due to a decline in contract revenues.

Consolidated revenues amounted to P3.56 billion in the first quarter, declining by 20 percent year-on-year but rising by 10 percent compared to the fourth quarter of 2018, Megawide disclosed to the Philippine Stock Exchange.

ADVERTISEMENT

The construction segment contributed 72 percent of the group’s total revenue amounting to P2.57 billion, which declined by 31.3 percent year-on-year in the first quarter.

But the company is now experiencing ramp-up on its operations from the take-off of structural works on recently awarded contracts. Compared to the fourth quarter performance in 2018, revenue for the quarter increased by 10 percent.

“We expect to sustain this growth throughout the year as our existing projects also steadily increase accomplishment levels,” said Edgar Saavedra, Megawide chair and chief executive officer.

Airport operations contributed 25 percent of Megawide’s three-month revenues amounting to about P892 million, rising by 38 percent year-on-year. (Editor: Cenon B. Bibe Jr.)

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, Construction, Megawide, PSE
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.