PH1 lifts Megawide profit
Fresh gains from its property venture gave a boost to the first-quarter earnings of Megawide Construction Corp. This also cushioned the impact of a slide in its construction operations.
The company led by tycoon Edgar Saavedra disclosed on Friday its net income during the period had jumped by 14 percent to P210 million.
Revenues, however, declined by 19 percent to P4.2 billion. This happened as its construction operations went into the winding down phase. This meant there was less activity—therefore, less revenue—as projects came closer to completion.
As a result, revenues from construction operations tumbled by 25 percent to P3.67 billion.
This accounted for 87 percent of Megawide’s total top line. By the end of the quarter, Megawide’s order book ended at P41.5 billion, with new contracts amounting to P2 billion.
At the same time, revenues of the real estate business under PH1 World Developers Inc. soared by 170 percent to P397 million as it generated sales from its new projects. These are My Enso Lofts, The Hive, Northscapes, Modan Lofts and One Lancaster Park.
