MEGAWIDE Construction Corp. has reallocated P253.7 million in funds originally meant for its Mactan-Cebu airport operations to support its ongoing Parañaque Integrated Terminal Exchange (PITX) Lot 2 development.
The reallocation was made following the company's full divestment and exit from operating the Mactan-Cebu International Airport last year.
In a disclosure on Friday, Megawide said that its board had approved the reallocation of P253.7 million in accumulated proceeds from preferred shares as of the end of the first quarter of 2025.
Megawide confirmed that the company's entire preferred share proceeds totaling more than P1.23 billion would now go exclusively to the PITX project.
As of the first quarter, a little over P17 million had been disbursed to support the PITX project, leaving a balance of more than P977.6 million for further development, the company said.
Megawide reported a net income of P210 million in the first quarter, a 14-percent increase from the same period last year, which it achieved despite a 19-percent decline in consolidated revenues to P4.2 billion.
The profit growth was attributed largely to construction operations and the initial net income contribution of its real estate business, which was acquired in 2023.
Megawide shares closed at P1.93 apiece on Friday, down by 5.39 percent.