Megawide income improves 25% in 9 months

MANILA, Philippines – Diversified engineering and infrastructure company Megawide Construction Corp. saw a 25 percent improvement in net income to P1.61 billion in the first nine months of the year, driven by the expansion of its core construction and airport businesses.

The company’s nine month revenues reached a record P13.73 billion, 27 percent higher than the P10.79 billion recorded a year ago.

“Megawide’s milestone performance can be attributed to its strong construction order book, as well as growing airport business led by the company’s operation of the Mactan-Cebu International Airport,” Megawide CEO Michael Cosiquien said.

“Megawide is further diversifying its revenue streams to increase recurring components towards achieving a more stable and sustainable growth,” he added.

Revenues from Megawide’s core construction business climbed 27 percent to P12.35 billion.

The company’s operations of the Mactan-Cebu International Airport also generated P1.38 billion in revenue, or an increase of 25 percent.

The growth in the construction revenues was driven by the higher percentage of completion for ongoing projects, including Meridian Park Phase 1, LeGrand business process outsourcing cluster Phase 1 and 2, 8990 Tower in Tondo Manila, and along EDSA.

As of Sept. 30, Megawide’s construction order book stood at P39.47 billion.

Megawide, together with Bangalore-based partner GMR Infrastructure Ltd., took over operations of the Mactan-Cebu International Airport in November 2014 through the public-private partnership (PPP) route.

The joint venture, GMR-Megawide Cebu Airport Corp. also exhibited growth in its revenues brought about by the 11 percent increase in passenger traffic.

Domestic and international flights increased by eight percent and 19 percent, respectively, as carriers, such as Emirates, Philippine Airlines and Eva Air introduced new flights to the airport.

New concessionaires are also present inside the airport, including, Jollibee, Suyen Corp., Ulli’s Streets of Asia, and Starbucks.

The construction of Mactan-Cebu International Airport’s Terminal 2 is currently ongoing, and is expected to be operational by the end of June 2018.