Instant impact! Cebu terminal to add P600M to Megawide’s 2018 bottomline
The Mactan Cebu International Airport 2 terminal 2 is expected to have an immediate impact on the bottomline of Megawide Construction Corp.
Megawide, owned by 42-year old bilyonaryo Edgar Saavedra, is expected to get P600 million in net profits from the operations of the Cebu Terminal this year.
This is nearly 20 percent of the projected P3.35 billion profits of Megawide this year.
Megawide, which operates the Cebu terminal in partnership with GMR Infrastructure Ltd. which runs the Delhi International Airport and the Hyderabad International Airport in India, will open the terminal starting July 1.
Megawide expanded the terminal capacity from 4.5 million to 12.5 million per year to ease congestion in the country’s second busiest international gateway.
The airport’s terminal fee is expected to increase by P100 to P800 for international passengers while it would remiant at P200 for domestic passengers.
Megawide-GMR spent P17.5 billion for the terminal modernization and expansion and paid the government a P14.4 billion to operate it for 25 years.