MEGAWIDE Construction Corporation said on Tuesday that it was on track to meet its full-year profit guidance of P2.16 billion after net income in the first three quarters increased by seven percent or P106 million, driven by the strong performance of its construction and airport segments.
Megawide reported a consolidated net profit of P1.7 billion in the first nine months of the year, up from P1.6 billion last year, coming from a construction net profit of P883 million, airport net profit of P811 million, and the balance from the airport merchandising segment.
“Airport Operations business in Mactan-Cebu remains strong with double digit increase in passenger throughput and air traffic volume. As of the end third quarter of 2017, net earnings contribution from Airport Operations increased to P811.16 million compared to the same period in 2016 at P755.43 million,” Megawide said in a disclosure to the Philippine Stock Exchange.
“Construction of new Passenger Terminal 2 in full swing expected to be completed by June next year to increase capacity to total of 12.5 million passengers at peak hour,” the company added.
Megawide reported consolidated revenue of P14.3 billion for the nine months to September, with the
construction segment delivering P12.4 billion or 87 percent of the consolidated revenues coming from various mixed-use and residential developments.
During the period, the company broke ground for its biggest single project, Urban Deca Ortigas, with a construction contract of P14 billion.
“New contracts contributed to the revenue growth for the year and will provide revenue support in the next two years,” Megawide said.