Strong real estate performance boosts Megawide Q1 profit

Infrastructure giant Megawide Construction Corp. saw a 14-percent rise in its net income to P210 million in the first quarter, driven by strong real estate operations.

- By RICHMOND MERCURIO

Revenues, however, declined by 19 percent to P4.2 billion during the period from last year's P5.2 billion.

Megawide chairman and CEO Edgar Saavedra said the company's first-quarter performance reflects its commitment to build on the early gains in 2024.

"For instance, we have already recorded the initial net income contribution from our property development arm after our acquisition in 2023, which gave us a boost in the first quarter," Saavedra said.

"We intend to sustain this momentum across all our business platforms in the coming periods as we progress with our existing contracts and projects," he said.