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Megawide upbeat for H1

Posted on July 23, 2012 10:07:51 PM [ BusinessWorld Online ]

LISTED BUILDER Megawide Construction Corp. in the first half improved on year-ago profit levels on the back of sustained revenue flows from a number of big-ticket corporate projects, an official said.

“[It is] better than last year’s…” Louie B. Ferrer, vice-president for marketing and chief information officer, told BusinessWorld in a text message last week.

If so, this will mean a figure higher than the P209.66 million net income Megawide recorded for January to June 2011, which was already an improvement from the P94.65 million posted in the same period in 2010.

The 2011 growth had been due to revenue contributions from SM Development Corp. projects, while contract revenues grew by 68.49% to P2.78 billion.

This year, revenues from the company’s major construction projects, such as those with Gotianun-led Filinvest Land, Inc., are seen to have contributed to the firm’s first semester net income growth, Mr. Ferrer said.

Filinvest Land developments currently on Megawide Construction’s project list include the Linear, Studio City, and Studio Zen condominiums, according to the construction firm’s first quarter financial report.

The Linear is a two-tower, 24-storey, mixed-use condominium hub in San Antonio Village, Makati City, while Studio Zen is a 21-storey, student-oriented condominium on Taft Ave. in Pasay City. Studio City, meanwhile, is Filinvest Land’s five-tower, 18-storey residential condominium complex in Alabang, Muntinlupa City. -- Franz Jonathan G. de la Fuente         

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