Megawide Construction Corp. said Thursday net income fell 50 percent in the first quarter to P239 million from P475 million recorded in the same period last year on lower revenues.
Megawide said in a regulatory filing first-quarter revenues declined 20 percent to P3.56 billion from P4.44 billion a year earlier as the lower construction revenues tempered the growth in airport revenues.
Construction revenues, representing 72 percent of the total, dropped 31.3 percent.
The company said, however, that it was expecting construction activities to pick up in the coming quarters because of the new contracts secured in the first quarter.
Megawide said that as of end-March, total order book amounted to P53.68 billion after it secured P6.2 billion worth of new contracts in the first quarter.
Residential projects comprised 33 percent while office and commercial represented 59 percent. Infrastructure projects contributed the remaining 8 percent.
Airport revenues jumped 38 percent in the first quarter to P891 million.