MEGAWIDE POSTS P19.8 B EARNINGS
Megawide Construction Corp. today reported consolidated revenues of P19.8 billion in FY2019, based on unaudited financial results, which was 24% higher than the previous year, with strong recovery by the construction business, continued momentum of airport operations, and positive traction from landport operations.
“We are building on the strong performance of all our segments for the full year of 2019 and the first quarter of this year,” said Edgar Saavedra, Megawide Chairman and CEO. “Moving forward, while we anticipate challenges created by the COVID-19 pandemic, we are also primed to take advantage of the new opportunities it has created,”
The Company’s consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) also increased 7% to P4.7 billion. With interest and other non-cash charges associated with the full year operations of Terminal 2 at Mactan-Cebu International Airport taken up in 2019, consolidated net income came in at P1.04 billion for the year.
The robust performance continued in the first quarter of 2020 as consolidated revenues went up by 42% to P5.1 billion, with EBITDA rising 25% to P1.4 billion versus same period last year. Net profit for the period was recorded at P206 million amid the onset of the COVID-19 global pandemic.
The construction segment posted a 20% growth in revenue to P15.2 billion in FY2019 and contributed 77% to the Group’s total. Construction revenues consistently rose from P2.6 billion in the first quarter of 2019 to P4.2 billion in the fourth quarter of the year as the business recovered from 2018’s performance.
Major projects undertaken in 2019 included Clark International Airport, Urban Deca Ortigas and Tondo, Gateway Mall, Worldwide Plaza, Albany Luxury Residences, One Fintech Tower, Eight Sunset Boulevard, International Finance Center and notable Double Dragon projects.