Megawide swings to loss on construction halt

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    Megawide Construction Corp. registered a loss of P616.99 million in the first half of the year, a reversal from the P730.94 million profit last year.

    Revenues stood at P6.44 billion, down 21 percent from P8.18 billion last year.

    Megawide said its traditional growth engine, construction, was mostly inactive during the quarantine period. It, however kept a healthy order book worth P48 billion for the period despite the absence of new contracts due to the slowdown in property development and project launches from real estate players.

    Megawide’s airport operations posted lower passenger volumes of 742,000 and 1.7 million of international and domestic travel for the period respectively, compared with 2.1 million and 4.3 million last year.

    The company said its landport operation, the Parañaque Integrated Terminal Exchange, helped cushion the COVID-19 impact as it posted revenues of P599 million and a profit of P255 million.

    Megawide reported earnings before interest, taxes, depreciation and amortization of P1.45 billion for the period.