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Megawide swings to loss as revenues fall

Megawide Construction Corp. registered a net loss of P321.16 million for the third quarter, a reversal from the attributable net profit of P63.86 million last year.

The company’s total revenues for the third quarter dropped by 52% to P2.62 billion, Megawide said in a disclosure to the stock exchange on Friday.

Broken down, the company saw its contract revenues decline by 41% to P2.55 billion, airport operations revenues go down by 87% to P115.91 million, and airport merchandising revenues drop by 100% to P161 thousand.

Megawide’s terminal operations business registered a revenue loss of P47.39 million for the third quarter, a reversal from the P161.62 million it generated in the same period last year.

The company’s direct costs for the quarter, which include costs from construction, airport operation, airport merchandising, and terminal operations, went down by 47% to P2.28 billion.

These brought the company’s nine-month total revenues to P9.03 billion, down by 34% from last year’s P13.69 billion.

In the nine months through September, Megawide’s contract revenues went down by 30% to P7.41 billion. Revenues from airport operations dropped by 63% to P998.17 million while the airport merchandising business also saw its revenues go down by 72% to P69.51 million.

The nine-month revenues of the company from terminal operations increased by 167% to P551.91 million.

Shares in Megawide on Friday closed 9.38% higher at P8.75 apiece. — Arjay L. Balinbin

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