Megawide Construction 2016 net income up 30% at P1.92B

Megawide Construction Corp. posted a consolidated net income of P1.92 billion, up 30 percent from P1.47 billion a year earlier, on the back of sustained growth across its construction and airport businesses.

Megawide reported to the Philippine Stock Exchange on Wednesday that consolidated revenue reached an all-time high of P17.66 billion, up 14 percent from P15.44 billion.

The company’s construction business accounted for the lion’s share of 89 percent of the top line, while the airport business contributed 11 percent.

“The construction segment is continuously outperforming its previous year’s revenue production for two consecutive years and has achieved a compounded annual growth rate of 15 percent. The company’s performance was attributed to its strong construction order book and the continuous stream of projects as a result of its unparalleled quality and level of work,” Megawide President Edgar Saavedra said.
 
Revenue from construction increased by 13 percent to P15.79 billion in only its second full year of operations and management.
 
Airport unit GMR-MEGAWIDE Cebu Airport Corp. (GMCAC), operator of Mactan-Cebu International Airport (MCIA), contributed P902.5 million or 47 percent to the consolidated net income, up 80 percent from P501 million.
 
Together with Bangalore-based partner GMR Infrastructure Limited, Megawide, took over operations of the MCIA in November 2014. — Ted Cordero/VDS, GMA News