LISTED company Megawide Construction Corp. disclosed that it has recovered in the first three months of 2021.
On a consolidated basis, the firm reported revenues of P3.72 billion and a net income attributable to the equity holders of the parent of P2.9 million, signaling its return to a healthier performance.
“While the results still lagged from the previous year, the company was able to turn in a positive bottom line due to aggressive cost rationalization and overhead management, resulting in lower operating expenses,” Megawide told the local bourse Monday, May 24, 2021.
The performance was primarily driven by the construction segment, which generated revenues of P3.42 billion — 92 percent of the total — and delivered a net income of P168 million — 21 percent more than in the same period in 2020. Megawide’s construction business steadily increased capacity and accelerated project completion since the economy reopened in June last year.
Megawide specifically said operations at the Mactan-Cebu International Airport remained practically grounded, with passenger volumes only a fraction of pre-pandemic levels, and resulted in combined revenues of P115 million, including the merchandising segment.
Airport operations are currently undergoing a recovery period from 2021 to 2023. (KOC)