Megawide Construction Corp. said it registered a profit of P353 million for the first half of the year, reversing the P303 million loss posted last year.
Revenues reached P7.6 billion, up 18 percent from last year’s P6.44 billion.
The company said it benefited from a strong construction performance, and its landport and airport operations contributing revenues of P360 million and P237 million, respectively, for the period.
Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) reached P1.6 billion, up 11 percent from 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 ECQ (enhanced community quarantine),” the company said
“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,” added Edgar Saavedra, Megawide chairman.
