Megawide erases losses amid flurry of projects
MANILA, Philippines — Megawide Construction Corp. posted a rebound in the first quarter as construction activities, such as the solar projects of sister company Citicore Power Corp., picked up.
In a financial disclosure, the company reported a net income attributable to parent equity holders of P188.38 million, a reversal of a net loss amounting to P7.12 million in the previous year.
Total revenues for the period increased by 19 percent to P5.2 billion. “The improvement was largely driven by construction operations and revenue contribution of the real estate segment,” Megawide said.
Construction revenues—which grew by 16 percent to P4.9 billion—accounted for the bulk of the top-line figure.
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The company’s order book amounted to P44.58 billion as of the end of March.
Article continues after this advertisementMegawide secured in the first quarter the following Citicore projects: Lumbangan Solar Power Plant Phase 2, Binalonan Solar Power Plant, Arayat Solar Power Plant, and Sta. Barbara Solar Power Plant.
Article continues after this advertisementOther projects in the pipeline include the Malolos-Clark Railway Project and the Ortigas North and Ortigas South stations of the Metro Manila Subway system.
Megawide is part of a consortium with Korean companies Hyundai Engineering & Construction Co. Ltd. and Dong-ah Geological Engineering Company Ltd. for the 17-kilometer railway linking Bulacan and Pampanga, a part of the larger North-South Commuter Railway project.
For the subway project, Megawide is working with Japanese companies Tokyo Construction Co. Ltd. and Tobishima Corp. INQ
