Megawide earns P1.72 Bbillionin 9 months

MANILA, Philippines — Megawide Construction Corp., the listed engineering and infrastructure conglomerate posted a flat net income of P1.72 billion in the nine months to September.

Of the amount, 57 percent came from the airport business segment and 43 percent from the construction business segment.

Despite the flat nine-month earnings, Megawide chairman and chief executive officer Edgar Saavedra said prospects remain rosy for the company.

 “Megawide’s prospects remain promising with the continued strong growth of the airport business with the opening of the Mactan-Cebu International Airport (MCIA) Terminal 2. This is combined with our solid prospects in the construction business as we continue to expand the order book levels, ensuring revenue visibility for the next two to three years, at least,” he said.

The company registered P12.75 billion in revenues with the construction business contributing 81 percent and the airport business accounting for the balance of 19 percent.

The construction business saw new contracts worth P16.8 billion during the nine-month period, 55 percent more than the previous year.

This brought total outstanding order book to P39.7 billion, 22 percent higher than the year before.

For the airport segment, the Mactan-Cebu International Airport accommodated 8.6 million passengers compared with 7.5 million a year ago as a result of aggressive airline marketing efforts to increase domestic and international flights in and out of Cebu.