MEGAWIDE Construction Corp. posted a consolidated net income of P362.6 million for the first six months of 2023 – reversing the P441 million net loss recorded last year.
Continuing operations, which reflected the same amount as the consolidated net income, was also an improvement from the P347.5 million in the first half of 2022.
Consolidated revenues grew 52 percent to P11.2 billion, of which construction operations cornered the bulk at P10.97 billion and landport operations contributed the balance of P191 million.
“Construction is on its way to recovery and we are starting to see it.
We have yet to capitalize on the big-ticket infrastructure projects in our portfolio, such as the Metro Manila Subway Project, which has yet to commence.
Our landport is also recovering in terms of foot traffic, office occupancy and commercial sales.
All in all, we are confident of sustaining the momentum for the remainder of the year,” said Edgar Saavedra, Megawide president and chief executive officer. (PR)