Megawide posts loss in H1

MANILA, Philippines — Megawide Construction Corp., the listed engineering and construction company, incurred a net loss of P398 million in the first half of the year compared to  a net profit of P585.8 a year ago.

This marked the first time the company reported a loss.

Second quarter losses amounted to P598.8 million from a net profit of P346.6 million.

Megawide chairman Edgar Saavedra said the company is facing one of its biggest challenges because of the coronavirus disease 2019 or COVID-19 pandemic.

“The situation we are in now is unprecedented, but we remain in high spirits for the company’s prospects moving forward. This is the reason why we are building our runway for the future, which we envision to propel us to even greater
heights in the years to come,” Saavedra said.

Moving forward, the company has developed a Runway to Resilience Program post-COVID-19 to cope with the negative impact of the pandemic. Megawide will rev up its digitalization efforts, liability management initiatives, and occupational health and safety practices to meet the objective.

The company’s Parañaque Integrated Terminal Exchange (PITX) delivered revenue of P599 million and a net income of P255
million for the first six months of the year.

The landport’s performance cushioned the weakness in Megawide’s construction business and airport operations.

Megawide’s consolidated revenues dipped 21 per cent to P6.44 billion, with construction contributing P4.88 bilion, airport operations accounting for P888 million, and airport merchandising contributing P69 million. The company expects the construction business to recover in the second half of the year, with new contracts amounting to
at least  P10 billion already.

Airport operations recorded lower passenger volumes of 742,000 and 1.7 million in the first half.