Megawide Construction Q1 net income up by 55%

Megawide Construction Corp. posted a net income of P573 million in the first quarter of 2016, up by P203 million or 55 percent from P370 million last year.

In a disclosure to the Philippine Stock Exchange on Friday, Megawide said its core construction business contributed a lion share of 93 percent to the company's total revenues.

“The country’s property sector continues to be strong, buoyed by the growing demand for residential and especially office spaces primarily from the Business Process Outsourcing (BPO) industry. We are proud to be a contractor-of-choice for prime Philippine property developers," said Megawide chief financial officer Oliver Tan.

The company's consolidated revenues reached P5.91 billion, surging by P3.2 billion or 119 percent from P2.7 billion last year.

Construction revenues stood at P5.478 billion, up by 134 percent from P2.346 billion last year on the back of revenues realized from new projects: Phase 1 of the Meridian Park of DoubleDragon, Le Grand BPO Cluster Phase 1 and 2 of Megaworld, 8990 Tower in Edsa and Tondo, Landers Warehouse Balintawak and Otis of Southeast Asia Retail Inc., and three solar power farm projects.

Revenues from operations of Mactan-Cebu Internatioanal Airport (MCIA) contributed P431 million to the company's first quarter revenues.

"Construction of MCIA Terminal 2 is currently ongoing and is expected to be operational by end of June 2018," Megawide noted.

Megawide airport subsidiary GMR Megawide Cebu Airport Corp. and its Bangalore-based partner GMR Infrastructure Ltd. took over the operations of MCIA through the public-private partnership program in November 2014. — John Ted Cordero/VVP, GMA News