Megawide Construction Corp. said net income in the first quarter of 2016 jumped 55 percent to P573 million from P370 million year-on-year due to strong earnings from both construction and airport operations.
Megawide said in a disclosure to the stock exchange first-quarter operating revenues surged 119 percent to P5.91 billion from P2.69 billion on year, with the company’s core construction business contributing the bulk at 93 percent.
“The country’s property sector continues to be strong, buoyed by the growing demand for residential and especially office spaces primarily from the business process outsourcing industry. We are proud to be a contractor-of-choice for prime Philippine property developers,” Megawide chief finance officer Oliver Tan said.
Construction revenues increased 134 percent on higher sales generated from new residential, office and retail projects, as well as three solar power farms.