Megawide Construction Corp. said it posted a net income of P353 million for the first semester, a turnaround from the P303-million loss it posted a year ago.
Consolidated revenues rose 20 percent to P7.6 billion from the previous year’s P6.34 billion.
The company said it still posted a net loss attributed to the parent company to P93 million compared with last year’s P290 million, which it said was recorded as non-cash items.
Megawide said its strong construction performance, with landport and airport operations contributing revenues of P360 million and P237 million, respectively, during the period.
The construction segment, which is a critical component in pump-priming the economy due to its significant multiplier effect, remains a bright spot in the company’s portfolio amid the ongoing pandemic, as activities were unhampered despite the re-imposition of enhanced community quarantine.
“We remain bullish for our construction segment as our primary growth driver in the coming years, as we slowly work towards global herd immunity to usher in the next normal and restart the economy. As such, we remain focused on the opportunities in this segment, especially in the infrastructure front, which will enable us to upskill and further sharpen our competencies,” Edgar Saavedra, the company’s chairman and CEO said.
The company said it submitted bids and is currently awaiting results for the Metro Manila Subway Project, where it partnered with Tokyu Construction and Tobishima Construction from Japan for Package CP-104, and for packages 1 and 7 for the North-South Commuter Rail (NSCR) Southline with Hong Kong-based Chun Wo Construction.
In addition, the company, together with an established Japanese player, is seriously evaluating the electro-mechanical and track works for the Malolos-Clark and Solis-Calamba stretches of the NSCR alignment.
After successfully signing the joint-venture agreement with Cebu City for the Carbon Market Redevelopment, which has a vital integrated transport component, and advancing discussions with Baguio City for a potential landport location, the company is in initial talks for a future bus rapid transit system in southwest Luzon.
“We are cognizant that restoring the country’s economic health quickly will require a faster pace of commerce, an accelerated supply chain, and support for tourism campaigns. This is why we want to focus on rail infrastructure and other TODs, leveraging on our engineering and innovation advantage, to improve connectivity within adjacent growth center and accessibility across the country, to promote economic activities,” Saavedra said.