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Apr 20, 2016 @ 16:02

Megawide profit surges to P1.5B

 

Megawide Corp. grew its net income by 66 percent last year to a record high P1.47 billion driven by the strength of its construction business and first full-year earnings recognition from its airport operation.

“This is the highest growth posted by the company since its Initial public offering in 2011,” Megawide said in a stock exchange filing.

The construction business accounted for P973 million or 66 percent of Megawide’s consolidated earnings while income from the Mactan-Cebu International Airport contributed 34 percent or P501 million.

Megawide, together with Bangalore-based partner GMR Infrastructure Ltd., took over operations of the MCIA in November 2014.

Revenues from the construction business jumped 42 percent to P13.96 billion, due to higher percentage of completions in ongoing projects such as DoubleDragon Plaza in Manila Bay, Araneta Center Gateway Tower 1. Rockwell Land’s The Proscenium, world Hotel and Residences Makati, Shangri-la Salcedo, the Philamlife Corporate tower in Cebu, and three solar power farm projects.

Megawide went public in February 2011 with a net income of only P750 million. It has since grown 14.5 percent on a compounded annual growth rate basis. In 2012, a year after the IPO, the company grew its profit by 35 percent and 38 percent in 2012 and 2013, respectively.

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