MEGAWIDE Construction Corp. registered a 49 percent jump in first-half net income to P1.17 billion on record revenues from its construction projects nationwide.
In a disclosure to the stock exchange, the company said consolidated revenues in the period surged 77 percent from a year ago to P10.07 billion driven by its strong core construction business, which contributed 91 percent or P1.17 billion of revenues.
“The construction segment delivered an all-time high revenue for a six-month period,” said Megawide chief financial officer Oliver Tan.
“New contracts booked for January to June 2016 amount to P12.40 billion. In all, total construction order book as of June 30, 2016 stands at P42.29 billion. This will provide construction revenue visibility for the next two years,” Tan said.
Megawide said revenues from operations of the Mactan-Cebu International Airport (MCIA) contributed P896 million.
“Our outlook remains positive given the Duterte administration’s direction to boost infrastructure spending and we look forward to the implementation of bids for PPP [public-private partnership] projects such as the regional prison facility and the regional airports,” Tan said.