Megawide cuts net loss to P93 million in H1

MANILA, Philippines — Megawide Construction Corp. (Megawide) narrowed its net loss in the first half to P93 million from P290 million a year ago as it sustained the momentum of its construction business.

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 (ECQ).

On a consolidated basis, Megawide reported revenues of P7.6 billion, 18 percent higher than the previous year, buoyed by the strong construction performance, with landport and airport operations contributing revenues of P360 million and P237 million, respectively, during the period.

Edgar Saavedra, chairman and CEO of Megawide, said the company remains bullish on the construction segment as its primary growth driver.

“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,” Saavedra said.

Megawide is expanding its transport-oriented development portfolio, anchored on a hub-and-spoke model, with the country’s first landport, PITX, at the core.

The company is also looking to do a future Bus Rapid Transit (BRT) system in the Southwest area of Luzon.

“We want to focus on rail infrastructure and other TODs, leveraging on our engineering and innovation advantage, to improve connectivity within adjacent growth centers and accessibility across the country, to promote economic activities. These are small pockets of growth that will build the foundation for a stronger socio-economic rebound and prepare us for the next normal, as we together engineer a First-World Philippines,” Saavedra said.

Megawide is behind the development of the Mactan-Cebu International Airport and the Parañaque Integrated Terminal Exchange.

Megawide is  the construction partner for the Clark International Airport new passenger terminal building.

It  is undertaking the construction of the Malolos-Clark Railway project package 1, and the modernization of Cebu’s historic Carbon Market District.