Megawide Construction Corp. said Friday it posted a net loss in the first nine months because of the impact of the COVID-19 on the economy.
Megawide said net loss amounted to P917.81 million from January to September, a reversal of the P835.16-million net income in the same period last year.
Net loss in the third quarter reached P468.47 million, compared to last year’s net income of P104.22 million.
Revenues fell to P9.03 billion in the first nine months from last year’s P13.69 billion. Construction contributed 82 percent of the total revenues, or P7.41 billion, followed by the combined airport operations and merchandising at P1.07 billion, and landport at P552 million.
“The loosening of lockdown restrictions across the Philippines has enabled a limited degree of widespread economic activity to begin after several months of standstill. This enabled Megawide to restart active development, especially for the construction segment and it’s significant multiplier effect to serve as catalyst for growth,” said Megawide chairman and chief executive Edgar Saavedra.