Diversified engineering and infrastructure company Megawide Construction Corp. said first-half net income fell 40 percent to P730.9 million from P1.22 billion in the same period last year on lower revenues from the construction business.
Megawide said in a financial report to the stock exchange that construction business accounted for 52 percent of the total net income while airport operations contributed the remaining 48 percent.
First-half consolidated revenues declined 9.3 percent to P8.2 billion from P9 billion as construction revenues went down 16 percent to P6.18 billion from P7.36 billion.
Megawide said it was expecting the construction business to pick up in the succeeding quarters as it continues to ramp up activities to accelerate the completion of existing projects. The company secured P9.8 billion in new contracts in the first half including Megaworld’s One Fintech Tower, The Corner House and Suntrust Finance Center and Double Dragon’s Meridian Tower.