Megawide nets P210M despite lower top line

Megawide’s revenues fell by 19 percent to P4.2 billion at its construction operations went into the winding down phase. (Photo from Megawide Facebook page)

MANILA, Philippines — Megawide Construction Corp. netted P210 million in the first quarter of the year. This meant an increase of 14 percent, on gains from its property business.

However, Megawide’s revenues fell by 19 percent to P4.2 billion. Its construction operations went into the winding down phase. 

This meant there was less activity—therefore, less revenue—as projects came closer to completion.

As a result, revenues from construction operations slipped by 25 percent to P3.67 billion.

By the end of the quarter, Megawide’s order book ended at P41.5 billion. New contracts amounted to P2 billion.

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Meanwhile, revenues of the real estate business under PH1 World Developers Inc. soared by 170 percent This reached P397 million as it generated sales from its new projects.

“We have already recorded the initial net income contribution from our property development arm after our acquisition in 2023, which gave us a boost in the first quarter,” Edgar Saavedra, chair and CEO of Megawide, said in their disclosure on Friday.

Landport operations at Parañaque Integrated Terminal Exchange (PITx) saw a 27-percent surge in revenues to P136 million on gains from office towers and commercial spaces.