Megawide Construction Corp. expects net income to be flat this year at P1.89 billion due to the full year depreciation of the Mactan-Cebu International Airport and higher interest expense recognition.
Megawide chief executive Edgar Saavedra said in a interview following the annual stockholders’ meeting while net income would be the same as the 2018 level, it expects the construction business to recover this year after a weak performance in 2018.
“We are expecting an upturn in 2019, especially in the construction business with the completion of new projects towards the second half of 2019. It will be bounce back year for our construction business,” Saavedra said.
Megawide hopes to secure P20 billion in new construction contracts this year, especially in the area of residential, office, roads and tollway projects.
Megawide in the first quarter of the year obtained P6.2 billion in new projects.