MEGAWORLD Corp. is slashing its capital spending for the year to P36 billion from P60 billion as earlier planned.
Market sources told Malaya Business Insight Megaworld in an investors’ briefing last week bared it is now looking at a 30 to 50 percent contraction in profit for the year due to the impact of the new coronavirus disease 2019 (COVID-19) pandemic.
The company yesterday asked the Philippine Stock Exchange for an extension in filing its financial statement for the first quarter of the year.
Megaworld in April reported that profit last year reached P17.9 billion, up 18 percent from the prior year’s P15.2 billion.
Revenues reached P67.3 billion, up 17 percent from P57.4 billion in 2018.
Author
- Advertisement -
