MEGAWIDE Construction Corp. has sustained the momentum of its construction business in the first six months of 2021, generating 43 percent higher revenues at almost P7 billion.
This resulted in a net income of P353 million for the first half and reversed the P303 million loss in the same period last year.
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.
On a consolidated basis, the company 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.
Consolidated earnings before interest, taxes, depreciation and amortization amounted to P1.6 billion and was 11 percent higher year-on-year.
A lower net loss attributed to the parent company, amounting to P93 million compared with P290 million the previous year, was recorded as non-cash items affected the bottomline. (PR)