Megawide profit rises 10% to P1.26 billion in H1

MANILA, Philippines — Megawide Construction Corp. reported a 10 percent increase in consolidated net profit in the first half to P1.26 billion, driven by the continued robust growth of its  airport and construction businesses.

The airport segment contributed 65 percent of the total net earnings, while the construction business accounted for the remaining 35 percent.

Megawide chairman and CEO Edgar Saavedra said the company remains optimistic about the company’s continued strong performance for the year.

“Our growth prospects continue to be promising with the addition of more routes at Mactan-Cebu International Airport (MCIA) and the numerous opportunities in the construction segment. We are also continuing to boost our order book levels to ensure a more stable revenue pipeline in the next three years, at least,” Saavedra said.

The company recorded revenues of P8.96 billion.   Airport operations registered a 14 percent growth in revenues to P1.32 billion due to the 12 percent increase in passenger volume.

Revenues from airport operations continue to be driven by strong passenger volume. For the first half, MCIA saw 5.8 million passenger, higher than the 5.1 million recorded a year ago.

To date, MCIA serves 34 domestic and 24 international destinations, with 26 airline partners.

Revenues from  the construction business amounted to P7.4 billion as various projects were in the finishing stage.

Megawide’s construction business bagged new contracts amounting to P14.2 billion, representing 59 percent of the company’s full year guidance.

New contracts were driven by the private sector, accounting for 86 percent of the total order book, while the balance of 14 percent comprised of infrastructure projects, including the EPC contract for the expansion of the Clark International Airport.