Megawide Construction Corp. said profit for the first quarter of the year reached P2.85 million, down 98.58 percent from last year’s P200.94 million last year.
Revenues reached P3.72 billion, down 25 percent from last year’s P4.96 billion.
The company’s partners in its ventures meanwhile registered a P140.76 million loss, up 423.66 percent from P26.88 million loss the prior year.
“While the results still lagged from the previous year, the company was able to turn in a positive bottomline due to aggressive cost rationalization and overhead management, resulting in lower operating expenses,” the company said.
“The performance was primarily driven by the construction segment, which generated revenues of P3.42 billion — 92 percent of the total — and delivered a net income of P168 million — 21 percent more than the same period in 2020,” it added.
