Megawide profit falls

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    Megawide Construction Corp., said profit for the first nine months of the year reached P835 million, down 51.45 percent from P1.72 billion.

    Revenues reached P13.7 billion, up 7 percent from P12.8 billion last year.

    All business segments contributed to the performance, led by construction, which delivered P10.5 billion from P10.3 billion in the previous year. Airport operations registered revenues of P2.7 billion, up 25 percent year-on-year, while airport merchandising improved 15 percent.

    Lease commencement at the Parañaque Integrated Transport Exchange (PITX) drove the initial revenue contribution from the landport operations.

    For the third consecutive quarter, construction revenues inched up with more projects increasing completion. Revenues in the third quarter reached P4.3 billion from P3.6 billion in the second quarter. Some P14.6 billion worth of new projects have been secured.

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